NUPL (Net Unrealized Profit/Loss)
The share of total market value sitting in unrealized profit versus loss — a color-coded map of market euphoria and despair.
NUPL measures the net unrealized profit or loss across all coins as a proportion of market cap — essentially how much paper gain (or pain) the market is holding. It’s often shown in zones: euphoria/greed at high positive values, capitulation at negative values.
The zone framing makes it a popular cycle map: historically, sustained readings in the top euphoria band preceded major tops, while deep-negative capitulation readings preceded bottoms. Its signal, like MVRV and SOPR, lives at the extremes over long horizons; the middle is noise. Derived from the same realized-cap foundation, it’s a core piece of the on-chain toolkit.