Bitcoin NUPL: Net Unrealized Profit/Loss (Live)
The share of Bitcoin's value that is sitting in unrealized profit. It maps the market's mood.
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NUPL on the left axis with BTC price overlaid on the right (log). Below zero the market is collectively underwater. The bands run from capitulation up to euphoria and greed.
Drag across the chart to zoom into any span. Reset zoom to go back.
NUPL is derived directly from MVRV (it equals one minus one over MVRV), so it tells the same underlying story with the emotional zones made explicit.
Net unrealized profit and loss, or NUPL, measures the proportion of Bitcoin's market value that exists as paper profit. If every coin were sold at today's price, NUPL estimates what fraction of the total would be gain rather than the cost already paid.
Analysts split the range into emotional zones. Below zero is capitulation, where the market as a whole is underwater. From there it climbs through hope and fear, optimism and anxiety, belief and denial, and finally euphoria and greed above 0.75. Past cycle tops have pushed into that top zone, while bottoms have driven NUPL below zero.
Because it is built from the same inputs as MVRV, treat NUPL as a more readable presentation of the same signal rather than an independent one.
The charts are public. The read is the edge.
These indicators are free for everyone. Inside the community you get the daily desk note that ties them together, alerts when price enters a cycle window, and the Satoshi Clock running on your own charts.
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