Bitcoin NUPL: the latest reading
NUPL is the share of Bitcoin's market value that is unrealized profit. Below is the latest reading, dated by its older input.
0.31
1 − realized price ÷ spot
As of 2026-10-28
The full chart and history are free with a Member account.
Join freeWhat it measures
NUPL (net unrealized profit/loss) is the share of Bitcoin's market value that is profit nobody has taken yet. It compares market value, every coin at today's price, with realized value, each coin at the price when it last moved on-chain.
At 0 the network is at breakeven. Above 0 holders are in profit on average; below 0 they are at a loss.
How to read it
| Zone | Reading | What it means |
|---|---|---|
| Below 0 | Less than 0 | Market value is below realized value. Holders are at a loss on average. |
| 0 to 0.75 | 0 to 0.75 | Holders are in profit on average. At 0.5, half of market value is unrealized profit. |
| 0.75 and above | 0.75 or more | Three quarters or more of market value is unrealized profit, the largest share the scale names. |
How it is calculated
- Market value: circulating supply times the daily price.
- Realized value: each coin valued at the price when it last moved on-chain. The data comes from Coin Metrics.
- NUPL: (market value − realized value) ÷ market value, which equals 1 − realized price ÷ spot price.
- Updated once a day. The date on each reading shows when its data was last updated.
Questions
What is NUPL?
Net unrealized profit/loss: the share of Bitcoin's market value that is unrealized profit, (market value − realized value) ÷ market value.
How does NUPL relate to MVRV?
They are built from the same two values and always convert: NUPL = 1 − 1 ÷ MVRV. An MVRV of 2 is a NUPL of 0.5.
What does a negative NUPL mean?
Market value is below realized value, so holders as a group are at a loss.
Is this financial advice?
No. The reading describes the market. It does not tell you what to buy or sell.
Related indicators
- Altcoin Season Index The share of coins in three CT Index baskets that beat Bitcoin over 90 days.
- MVRV Z-Score How far Bitcoin's market value sits above or below its realized value.
- Bitcoin Realized Price The average price at which every bitcoin last moved on-chain.
- Global M2 vs Bitcoin Money supply across the US, euro area and Japan, next to Bitcoin market cap.
- Crypto Market Health Score One 0 to 100 score for derivatives, options and stablecoin market stress.