THE VAULT · tools · nupl indicator

Bitcoin Net Unrealized Profit/Loss (NUPL)

Live NUPL from the CoinMetrics Community API — updated daily, free, no login required. A direct read on whether the aggregate BTC holder base is in profit or loss.

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365-day NUPL history
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What is NUPL?

Net Unrealized Profit/Loss measures the aggregate unrealized profit or loss of all Bitcoin holders as a fraction of market cap. It is computed as (Market Cap − Realized Cap) / Market Cap.

A value near zero means the market is close to its cost basis in aggregate. High positive values (above 0.75) have historically appeared near cycle peaks; negative values indicate aggregate loss and have coincided with capitulation phases.

Market data and on-chain information only — not financial advice. Past on-chain patterns do not guarantee future price outcomes.

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Data sourced from the CoinMetrics Community API (free, public). Figures are informational only and do not constitute financial advice. The Vault · crypto market intelligence.