What is NUPL?
NUPL is market value minus realized value, divided by market value. When it is positive, the network is in aggregate unrealized profit; when negative, in aggregate unrealized loss. It is bounded and often split into named sentiment bands from capitulation to euphoria.
How it is calculated
NUPL derives from the same on-chain cost-basis data as MVRV, rescaled as a share of market value so it stays comparable across price levels. The page follows it as a daily series.
How to read it
Deeply positive NUPL reflects widespread paper profit and historically euphoric conditions near cycle tops. Negative NUPL reflects aggregate paper loss and has overlapped with capitulation. Because it is a share, NUPL is easier to compare across cycles than a raw ratio.
What it does not tell you
NUPL is slow-moving cycle context, closely related to MVRV, and can be biased by lost coins. It frames sentiment, not timing. Live values are in the authenticated app.