Crypto glossary
Net unrealized profit/loss (NUPL)
Net unrealized profit/loss (NUPL) shows the share of a network's market cap that is unrealized profit or loss, computed from market cap minus realized cap.
NUPL is calculated as market cap minus realized cap, divided by market cap. A reading of 0.5 means half of the network's current value is paper profit relative to what holders paid; a negative reading means holders as a whole are at a loss. It is closely related to MVRV but expressed as a share rather than a multiple.
On-chain analysts often colour NUPL by zones, from capitulation below zero through hope, optimism and belief to euphoria above roughly 0.75, and use it to describe where the market sits in a cycle. Variants split it between long-term and short-term holders to show which group is most exposed.
It inherits the limitations of realized cap: lost coins, internal transfers and custody changes distort cost bases, and the zone thresholds are drawn from a short history of a few Bitcoin cycles. High NUPL means many holders could take profit, not that they will do so tomorrow.
Example
With a market cap of 1.5 trillion dollars and a realized cap of 750 billion, Bitcoin's NUPL is 0.5, meaning half of its market value is unrealized gain.