Net Unrealized Profit and Loss (NUPL)

Definition

Net Unrealized Profit and Loss(NUPL) shows the difference between Market Cap and Realized Cap.

NUPL=Market Cap - Realized CapMarket CapNUPL = \frac{\text{Market Cap - Realized Cap}}{\text{Market Cap}}

Interpretation

NUPL is calculated as the difference between Market Cap and Realized Cap divided by Market Cap. If Market Cap is greater than Realized Cap, then NUPL>0, which means bitcoin on-chain expected value is less than what they actually have. This value indicates the increase in selling pressure.

  • Net Unrealized Profit (NUP): Sum of UTxO being in profit with the price difference between created and destroyed.

  • Net Unrealized Loss (NUL): Sum of UTxO being in loss with the price difference between created and destroyed.

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