Unrealised MVRV Unrealisedpnl MVRV Unrealisedpnl
Bitcoin
This pairs the MVRV Ratio with Net Unrealized Profit/Loss to show valuation and aggregate paper profit together.
Why it matters
It links how expensive the market is (MVRV) with how much unrealized gain holders sit on (NUPL).
How it is built
MVRV and NUPL are derived from the same market and realized caps and plotted on aligned axes.
What to watch
Both stretched high signals euphoric tops; both depressed signals capitulation bottoms — a robust combined cycle read.