Cryp2Nova

Unrealised Unrealised Profitloss 1 Unrealised Profitloss 1

Bitcoin

This expresses net unrealised profit/loss relative to market cap (equivalent to NUPL).

Why it matters

It normalizes the market's paper-profit position for cross-cycle comparison.

How it is built

Market value minus realized value, divided by market value.

What to watch

It maps euphoria-to-capitulation sentiment zones like NUPL.

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