Values over ‘0’ (+): Coins or investors who are in profit are more than investors that are in loss
In order for NUPL to be over 0 (+), the Market Cap has to be larger than the Realized Cap. As Market Cap exceeds the Realized Cap, it indicates that the value that is being traded on market is greater than the on-chain expected value.
For example, if the NUPL value hits 0.75, it means that Market Cap is four times the Realized Cap. It is reasonable to assume that most coins that were moved are on profit and the wide gap between the Realized Cap and Market Cap could act as selling pressure.