NUPL: Bitcoin Net Unrealized Profit/Loss

As of 2026-11-05, Bitcoin NUPL is 0.29, in the 'Neutral' zone (below 0 capitulation, above 0.75 euphoria).

NUPL = (market cap − realized cap) ÷ market cap. It expresses, as a ratio, how much unrealized profit (or loss) holders carry on average. It is read in zones: below 0 capitulation, 0–0.25 hope/fear, 0.25–0.5 optimism/anxiety, 0.5–0.75 belief/denial, above 0.75 euphoria/greed.