Net Unrealized Profit Loss (NUPL)

Bitcoin Net Unrealized Profit Loss (NUPL) Explained

The Net Unrealized Profit Loss (NUPL) indicator is a powerful tool for analyzing Bitcoin market sentiment and cycles.

It measures the difference between unrealized profits and losses in the market relative to the total market cap.

Key Points:

• NUPL = (Market Cap - Realized Cap) / Market Cap
• Positive values indicate overall market profits
• Negative values show market-wide losses

What NUPL Tells Us:

• High positive values (>0.75) often signal market euphoria and potential tops
• Negative values indicate fear and potential buying opportunities
• Helps identify different market phases from capitulation to euphoria

Created By:

• Tuur Demeester
• Tamás Blummer
• Michiel Lescrauwaet

Learn more about NUPL in their detailed primer on Bitcoin investor sentiment.