Dashboard/Lab/NUPL

NUPL

MVRV / NUPL

Net Unrealized Profit/Loss. Above 0.75 = euphoria, below 0 = capitulation. Measures overall holder sentiment.

Current Value

0.3410

As of

2026-10-16

Z-Score

—

Signal

Yellow

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Methodology

Open, reproducible — computed from our own archive node

Definition

Net Unrealized Profit/Loss — the fraction of total market value that is currently unrealized profit. It maps the aggregate emotional state of the market.

Formula

NUPL = (market_cap − realized_cap) / market_cap

How we compute it

The dollar difference between market cap and realized cap, divided by market cap, clamped to [-1, 1]. Derived entirely from our UTXO-based supply and cost basis.

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

Above 0.75 = euphoria/greed (top risk); below 0 = the market is in aggregate unrealized loss (capitulation, historically near bottoms). The pipeline also emits a categorical NUPL zone label using the standard bands below.

< 0Capitulation
0 – 0.25Hope / Fear
0.25 – 0.5Optimism / Anxiety
0.5 – 0.75Belief / Denial
> 0.75Euphoria / Greed

Caveats & limitations

  • ·Uses the measured cost-basis realized cap since 2026-10-12 (see MVRV).

References

Tuur Demeester / LookIntoBitcoin, "NUPL"

Data points: 5,904 rows, 2010-08-18 to 2026-10-16Open in Lab →

Current NUPL reading

As of 2026-10-16, Bitcoin’s NUPL is 0.341, compared with 0.491 one year earlier (2025-10-16). The series has 5,904 daily readings from 2010-08-18 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest NUPL on record is 0.991 on 2010-08-18; the lowest is -1.000 on 2011-10-19. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

  • MVRV — Market Value to Realized Value.
  • MVRV Z-Score — Standardized MVRV separating market cap from realized cap relative to volatility.
  • Realized Cap — Sum of all UTXOs valued at the price when they last moved, measured coin by coin from our own node.
  • Thermocap — Market cap divided by cumulative miner revenue.
  • BTC Price — Bitcoin price (USD)

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: MVRV / NUPL. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.