On-chain Metrics 1 min read
NUPL — Net Unrealized Profit/Loss
Also known as: Net Unrealized Profit Loss
Share of unrealized profit or loss sitting in the market, normalized by market cap — a classic greed and fear indicator.
Definition
NUPL (Net Unrealized Profit / Loss) is the share of unrealized profit or loss baked into the market cap.
NUPL zones
| Range | Zone | Market emotion |
|---|---|---|
| < 0 | Capitulation | Panic, bottom |
| 0 — 0.25 | Hope / Fear | Accumulation |
| 0.25 — 0.5 | Optimism / Anxiety | Mid-bull |
| 0.5 — 0.75 | Belief / Denial | Greed |
| > 0.75 | Euphoria / Greed | Cycle top |
How to use it
NUPL is great at labeling cycle phases. Combined with MVRV Z-Score it answers two questions at once: «how much paper profit is on the table?» and «how stretched is the market vs history?».
Where to find it in Exum
Data Layers → On-chain → NUPL layer.
Frequently asked
How is NUPL different from MVRV?
MVRV is a ratio, NUPL is a normalized difference. NUPL is easier to compare across time because it stays bounded between roughly -0.5 and +0.9.
Can NUPL turn negative?
Yes — negative NUPL means the average market participant is underwater. This is the Capitulation zone and historically marks cycle bottoms.