Net Unrealized Profit/Loss (NUPL)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Net Unrealized Profit/Loss (NUPL) subtracts Realized Cap from market cap and divides the result by market cap. It shows what share of Bitcoin's value is paper profit: above 0, holders are in aggregate profit; below 0, in aggregate loss.
How to read it
The higher the reading, the larger the share of market value that is unrealized gain. Historically, readings above about 0.75 came near euphoric cycle tops, 0.5 to 0.75 during strong bull phases, and dips below 0 near capitulation lows. Mid-range values describe the mood more than a turning point.
NUPL carries the same information as MVRV on a different scale: it can never exceed 1 but has no floor, which compresses the top of the range. Readings at the latest cycle high stayed well below earlier peaks, and lost coins counted at very low cost lift the reading. Use it to place the market in its cycle, not for short-term timing.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
How is NUPL related to MVRV?
Both come from market cap and Realized Cap: NUPL equals 1 minus 1/MVRV. An MVRV of 1 gives a NUPL of 0, an MVRV of 2 gives 0.5, and an MVRV of 4 gives 0.75.
What does a negative NUPL mean?
Realized Cap is above market cap, so holders as a whole are in unrealized loss. Historically these periods have clustered late in bear markets, often close to cycle lows.
Why can NUPL fall below -1 but never reach 1?
The numerator is market cap minus Realized Cap and the denominator is market cap. Realized Cap is always above zero, so the ratio stays below 1, but it can go deeply negative when market cap falls far below Realized Cap. The lowest reading on record is about -1.59.
