Unrealised NUPL NUPL
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.
Measured on this chain
Unrealised NUPL NUPL on Bitcoin last read 0.366 on Sep 24, 2026, a change of +12.43% over 30 days, ranging from 0.09378 (Jun 30, 2026) to 0.6347 (Nov 21, 2024).
- Latest reading
- 0.366
- Sep 24, 2026
- Change
- 1d -3.46%
- 30d +12.43%
- 90d +221.58%
- 1y -30.46%
- Range
- Low 0.09378·Jun 30, 2026
- High 0.6347·Nov 21, 2024
- Coverage
- Jul 17, 2024 — Sep 24, 2026
- 800 readings
| Date | Value |
|---|---|
| Sep 13, 2026 | 0.311 |
| Sep 14, 2026 | 0.3068 |
| Sep 15, 2026 | 0.3191 |
| Sep 16, 2026 | 0.2958 |
| Sep 17, 2026 | 0.3013 |
| Sep 18, 2026 | 0.3022 |
| Sep 19, 2026 | 0.3415 |
| Sep 20, 2026 | 0.3438 |
| Sep 21, 2026 | 0.3425 |
| Sep 22, 2026 | 0.382 |
| Sep 23, 2026 | 0.3791 |
| Sep 24, 2026 | 0.366 |
Read from our own stored series, not quoted from a page.