NUPL (Net Unrealized Profit/Loss)
The same gap between market value and average cost that MVRV measures, expressed as the percentage of the whole market sitting on an unrealized gain or loss.
Why it matters
It translates that same MVRV gap into a range with easy-to-read conventional zones: below 0, capitulation; 0–0.25 hope/fear; 0.25–0.5 optimism; 0.5–0.75 belief/greed; above 0.75, euphoria.
Build it yourself
The same two ingredients as MVRV, but now the result falls into a range with named market-mood zones.
NUPL = (Market cap − Realized cap) ÷ Market cap
NUPL
Illustrative example numbers for practice — not real data.
How it's calculated, step by step
- The same two numbers as MVRV are reused: market cap and realized cap (see the MVRV indicator for how the latter is computed).
- NUPL = (market cap − realized cap) ÷ market cap.
Coincident signal.
The zones are widely-cited conventions, not guaranteed thresholds.
Chart
This is real Bitcoin data, computed from the blockchain — not the illustrative example above.
Data last updated on 2026-09-09.