NUPL
What Is NUPL?
Net Unrealised Profit/Loss — measures the total profit or loss of all Bitcoin holders as a proportion of market cap. Calculated as (Market Cap - Realised Cap) / Market Cap.
How to Interpret
NUPL > 0.75 signals euphoria and potential cycle tops. NUPL between 0.5-0.75 is belief/optimism. NUPL < 0 means the market is in capitulation — historically excellent buying zones.
More Pricing Models Metrics
AVIV Ratio
Active Value to Investor Value — a refined version of MVRV that adjusts for active supply and investor behavior. Provides a cleaner signal of market valuation by filtering out dormant and lost coins.
MVRV Ratio
Market Value to Realised Value — the ratio between Bitcoin's market cap and its realised cap. Measures whether Bitcoin is overvalued or undervalued relative to the aggregate cost basis of all holders.
Realised Price
The aggregate cost basis of all Bitcoin in circulation, calculated by dividing the Realised Cap by the total supply. Each UTXO is valued at the price it was last moved. This creates an on-chain average purchase price for the entire network.
True Market Mean
An enhanced version of the Realised Price that adjusts for lost coins and very old UTXOs. Provides a more accurate representation of the active market's aggregate cost basis.