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Unrealised NUPL LTH NUPL LTH

Bitcoin

NUPL for Long-Term Holders (NUPL-LTH) measures the unrealized profit or loss of coins held longer than about 155 days, as a share of market value.

Why it matters

It reveals the paper-profit position and psychology of the strongest hands, the cohort that ultimately supplies coins at cycle tops.

How it is built

For long-term-holder coins, market value minus realized value is divided by market value, giving a net unrealized profit ratio.

What to watch

Extremely high NUPL-LTH shows long-term holders deep in profit and prone to distribute; negative readings show them holding at a loss, a hallmark of capitulation bottoms.

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