Relative Unrealized Profit
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About this metric
What it measures
Relative Unrealized Profit adds up the difference between current value and last-move cost only for coins held at a profit, then divides by Bitcoin's market cap. Displayed as a percentage, it measures gross paper gains without subtracting the losses carried by underwater coins.
How to read it
Rising values mean paper gains account for more of current market value, while falling readings mean that profit cushion is shrinking. The series reached a 2021 high near 74.88% on February 21, but its 2022 low still stood around 33.61% on November 21, showing that gains on cheap holdings can persist through weak periods.
Lost and long-dormant low-cost coins support the profit total, and self-transfers can alter the estimated cost without a purchase. The reading does not measure cash proceeds or the likelihood of holders spending, and it can stay positive when the market is in net unrealized loss.
- 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 Relative Unrealized Profit different from Percent Supply in Profit?
The relative profit ratio measures the size of gains in dollar terms against market cap. Percent Supply in Profit counts how much BTC is above cost, regardless of whether those gains are small or large.
Can unrealized profit and unrealized loss both be positive?
Yes. Different coins have different acquisition costs, so cheap holdings can be in profit while recently acquired ones are underwater. NUPL takes the difference between the two ratios when their definitions match.
What is the highest recorded Relative Unrealized Profit?
The history peaks at about 87.62% on June 4, 2011. That is the gross gain relative to market cap, not a percentage return earned by every holder.
