Net Unrealized Profit/Loss (NUPL)
An on-chain metric measuring the aggregate unrealized profit or loss across a network's entire supply, relative to its market capitalization.
Net Unrealized Profit/Loss (NUPL) measures the aggregate unrealized profit or loss across a network's entire circulating supply — the difference between market capitalization and realized capitalization (see Kaavon's "Realized Capitalization" glossary definition), expressed as a proportion of market capitalization.
NUPL is closely related to the MVRV ratio (see Kaavon's "MVRV Ratio" glossary definition) — both compare market value to realized value — but NUPL expresses the relationship as a normalized proportion rather than a raw ratio, and is commonly divided into named zones (such as "euphoria" or "capitulation") associated with different historical market phases.
Examples
- NUPL and MVRV are built from the same underlying market-cap-versus-realized-cap relationship, just expressed in different units.
- NUPL's named historical zones are descriptive labels applied to past patterns, not a reliable predictor of future market behavior.