BITCOIN NUPL
How much profit is the market sitting on?
The profit people hold on paper, and the five moods it has moved through.
Right now: Optimism · 40 days in this mood
- Deep lossesbelow 0
- Hope and fear0–0.25
- Optimism0.25–0.5
- Belief0.5–0.75
- Euphoria0.75+
Deep panicRunaway greed
Market profit through the five moods
Watch the line climb from deep losses toward euphoria, then fall back: the same arc, cycle after cycle. Each mood gets one fifth of the chart, so the value spacing changes between bands. Hover or tap for the exact reading.
Price uses its own log scale on the right. Compare timing, not vertical distance.
Inspect and compare dates
Pick two to four dates to compare the market’s paper profit.
| Measure | Change | Relative change | ||
|---|---|---|---|---|
| Market profit | 0.323 | 0.357 | +0.034 | +10.5% |
Right now
The market holds more paper profit than paper loss. The current mood is optimism.
The market has been in optimism for 40 days, since 20 Aug 2026, after climbing up from hope and fear.
Net paper profit is 36% of Bitcoin’s total value. That describes the value people hold, not the percentage of people or coins in profit.
Last four years
Smoothed over about a week, today’s reading is at the 44th percentile of the last four years, in the lower half of its range.
On that smoothed basis it ran from −0.248 to 0.63 over those four years. The daily line on the chart can swing wider.
What changed
The reading rose from 0.317 to 0.357 over the past month, since 28 Aug 2026. Over the past week it fell 0.024 points.
A rising line means the market’s profit cushion is growing. A falling line means it is shrinking.
The next zone
Belief begins at 0.5, 0.143 above the current reading. Hope and fear starts below 0.25, 0.107 under it.
Below zero, the market’s paper losses outweigh its paper profits. These boundaries describe the current position; they do not set a deadline for the next move.
How to use it
Follow whether the profit cushion is growing or shrinking, then compare it with the history on the chart.
The mood can stay in one zone for months. Pair it with price and with what sellers actually get before deciding how much weight to give it.
Understanding
NUPL (Net Unrealized Profit/Loss)
Where it stands today
Bitcoin NUPL is 0.357, which puts the market in optimism as of .
What does this chart measure?
Bitcoin NUPL, or net unrealized profit and loss, compares the market’s paper gains with its paper losses. It takes Bitcoin’s value today, subtracts the estimated total price paid for all coins, and divides the difference by the value today. A reading of 0.25 means net paper profit is a quarter of Bitcoin’s total value.
Why are there five moods?
Below 0 is deep losses, 0 to 0.25 is hope and fear, 0.25 to 0.5 is optimism, 0.5 to 0.75 is belief, and 0.75 or higher is euphoria. Each mood takes one fifth of this chart’s height, so the value range changes between bands and the same vertical distance can stand for a different change. Hover, tap or use the arrow keys to see the exact reading and its mood on the band.
What has a change of mood meant before?
The step from one mood to the next is the part worth watching. In earlier cycles, climbing back out of deep losses came early in each recovery. Their highest readings came in euphoria in 2011, 2013 and 2017, and in belief in 2021. A new mood has never said how long it would last.
What counts as the price paid?
The estimate uses the price when each coin last moved. That is a useful reference, but a transfer can be between wallets owned by the same person. It is not a receipt for every holder’s purchase.
What can it leave out?
An average cannot show every holder’s experience. This measure describes paper gains and losses, not completed sales. It also cannot say when a mood will change or what price Bitcoin will reach next.
How does it relate to MVRV?
They are two views of the same comparison. MVRV divides Bitcoin’s value by what holders paid; NUPL is one minus the inverse of that, so an MVRV of 2 is a NUPL of 0.5. NUPL’s scale stops short of 1 and keeps the same mood boundaries in every cycle, which makes it easy to line up today against past highs and lows. Open the MVRV Ratio.
The numbers
behind the chart
What does the current reading show?
Market profit: the latest reading is 0.357, on . The highest reading since is 0.861 on ; the lowest is −1.518 on .
Daily readings since 1 Jan 2011 let you compare today with earlier months. Highest and lowest cover every reading since then; month-end values use the last reading on or before that date. The latest reading is 0.357, in optimism.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Market profit | 0.357 | 0.861 | −1.518 |
How do the readings compare with earlier dates?
| Reference date | Market profit |
|---|---|
| 1 month ago | 0.317 |
| 3 months ago | 0.105 |
| 6 months ago | 0.183 |
| 1 year ago | 0.52 |
| 2 years ago | 0.514 |
What was the reading at each month’s end?
| Reading date | Market profit |
|---|---|
| 0.325 | |
| 0.162 | |
| 0.09 | |
| 0.269 | |
| 0.29 | |
| 0.207 | |
| 0.185 | |
| 0.289 | |
| 0.357 | |
| 0.38 | |
| 0.49 | |
| 0.526 | |
| 0.515 | |
| 0.558 | |
| 0.551 | |
| 0.555 | |
| 0.529 | |
| 0.469 | |
| 0.484 | |
| 0.582 | |
| 0.561 | |
| 0.617 | |
| 0.529 | |
| 0.497 |
Source: Maketo’s daily record of how much paper profit the market holds. Reading for .