LIQUID STATE · tools · nupl indicator

Bitcoin Net Unrealized Profit/Loss (NUPL)

Live NUPL from the CoinMetrics Community API — updated daily, free, no login required. A direct read on whether the aggregate BTC holder base is in profit or loss.

0.1476Hope / Fear

The market is near breakeven on aggregate — a transition zone.

Updated daily · CoinMetrics Community API · Thu, 09 Jul 2026 14:28:50 UTC

365-day NUPL history
0.000.250.500.752025-072025-092025-112026-012026-032026-052026-07
CapitulationHope / FearOptimism / AnxietyBelief / DenialEuphoria / Greed

What is NUPL?

Net Unrealized Profit/Loss measures the aggregate unrealized profit or loss of all Bitcoin holders as a fraction of market cap. It is computed as (Market Cap − Realized Cap) / Market Cap.

A value near zero means the market is close to its cost basis in aggregate. High positive values (above 0.75) have historically appeared near cycle peaks; negative values indicate aggregate loss and have coincided with capitulation phases.

Market data and on-chain information only — not financial advice. Past on-chain patterns do not guarantee future price outcomes.

Frequently asked questions

What is NUPL?
Net Unrealized Profit/Loss measures the aggregate unrealized profit or loss of all Bitcoin holders as a fraction of market cap. It is computed as (Market Cap − Realized Cap) / Market Cap.
What does a NUPL value near zero mean?
A value near zero means the market is close to its cost basis in aggregate. High positive values (above 0.75) have historically appeared near cycle peaks; negative values indicate aggregate loss and have coincided with capitulation phases.
What are the five NUPL zones?
Capitulation (holders sitting on aggregate unrealized losses), Hope / Fear (near breakeven, a transition zone), Optimism / Anxiety (majority of supply in profit, broadly constructive sentiment), Belief / Denial (significant unrealized gains accumulating), and Euphoria / Greed (historically high unrealized profit levels associated with late-cycle conditions).
Where does the NUPL data come from?
NUPL is computed daily from the CoinMetrics Community API (market cap and realized cap data) — free and public, no login required.
Is NUPL financial advice?
No. NUPL is market data and on-chain information only, not financial advice. Past on-chain patterns do not guarantee future price outcomes.

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Data sourced from the CoinMetrics Community API (free, public). Figures are informational only and do not constitute financial advice. Liquid State · crypto market intelligence.