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Net Unrealized Profit/Loss (NUPL)

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Metric Description

Net Unrealized Profit/Loss (NUPL) is used to track the sum of the BTC network's unrealized profits (positive value) and unrealized losses (negative number) as a percentage of BTC's current MarketCap.

1）When this indicator is less than 0, it means that holding BTC is at a loss on average, and the market sentiment is low, which is historically the bottom range.

2）When the indicator is between 0.75 and 1, it means that holding BTC is in a state of substantial profit on average, and FOMO sentiment is maintaining the price, which is historically a top range.

The buying point pointed out by this indicator reflects the market sentiment is in a state of extreme fear, and the selling point pointed out by this indicator reflects the market sentiment is in a state of extreme greed.