Cointime NUPL AVIV NUPL AVIV
Bitcoin
Net Unrealized Profit/Loss (NUPL) is the total paper profit or loss of the entire coin supply, as a share of market capitalization.
Why it matters
It captures the overall emotional state of the market — from capitulation, through hope and optimism, up to euphoria — based on how much unrealized gain holders are sitting on.
How it is built
NUPL is (market cap minus realized cap) divided by market cap, where realized cap values each coin at the price it last moved. Positive means the network is in aggregate profit; negative means loss.
What to watch
It defines classic market-psychology zones: readings above roughly 0.75 mark euphoria and cycle-top risk, while negative values mark capitulation and historically strong accumulation opportunities.