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$63,650.88+0.30%FearNews

BITCOIN NUPL

How much profit is the market sitting on?

It sorts everyone into five emotional stages — from deep panic to runaway greed — by how much unrealized profit or loss they're holding right now.

Right now: Hope/Fear · 64 days in this zone
Capitulationbelow 0
Hope/Fear0 – 0.25
Optimism0.25 – 0.5
Belief0.5 – 0.75
Euphoria0.75+
Deep lossesRunaway greed
Usually daily
Profit or loss held across the Bitcoin market over time chartmaketomaketo.com/indicator/nupl-0.500.000.5020112013201520172019202120232025TODAY0.17

Net unrealized profit and loss across every cycle, with the five emotional zones shaded behind it. Watch the line climb from the deep-loss zone at the bottom toward euphoria at the top, then fall back — the same arc, cycle after cycle.

Latest displayed reading: 0.17 on Aug 3, 2026. This view shows 1,033 dated readings from Jan 1, 2011 to Aug 3, 2026. The latest displayed reading is lower than the first. The displayed low is -1.59 on Jan 14, 2015. The displayed high is 0.86 on Jun 8, 2011.

Inspect a chart date

Arrow keys move one plotted point. Home and End jump to the first and latest points.

  • Profit or loss share (selected): 0.17

  1. What’s the read right now?

    Hope/Fear

    The market is only just above water — a thin layer of profit, with the mood caught between fear and hope.

    Eased down from Optimism 64 days ago.

  2. Where does today sit over the last four years?

    Net unrealized profit is at the 33th percentile of the last four years — in the lower half of its range.

    Washed outEuphoria
    0.17 of the market’s value is unrealized profit today-0.12 to 0.74 its range over the last four years

  3. What’s changed recently?

    • Edged up about 0.01 over the past week.
    • Edged down about 0.04 over the past month.

  4. What would move it to the next zone?

    • Climbing above 0.25 would lift the mood into Optimism.
    • Easing back below 0 would drop it into Capitulation.
Profit or loss? →
Price against the average buy price — the metric NUPL is built from.
How many coins are in profit? →
The share of all coins worth more now than when they last moved.
Selling at a profit or a loss? →
Whether coins moving today are changing hands above or below cost.
Cheap or expensive? →
The bigger valuation picture this feeds into.

Understanding NUPL (Net Unrealized Profit/Loss)

NUPL — Net Unrealized Profit/Loss — measures how much profit or loss the whole market is holding on paper, as a share of what everything is worth. Below zero, the market as a whole is underwater. The higher it climbs, the more of the market is sitting on gains it hasn't cashed in.

The five zones run in the same order every cycle: Capitulation (below 0 — most coins underwater), Hope/Fear (0 to 0.25 — barely back above water), Optimism (0.25 to 0.50), Belief (0.50 to 0.75), and Euphoria (above 0.75 — almost everyone deep in profit). Each keeps its own colour on the map, so you can read the mood at a glance.

The signal worth watching is the step from one zone to the next. Climbing out of the loss zones has often marked the start of a real recovery; the step into the top zone has marked the late, greedy phase that came before past peaks.

It's a close cousin of MVRV — both compare today's price to what people paid — but NUPL is rescaled so the same zone boundaries keep their meaning across cycles. That makes it easy to line up where the market is now against where it sat at past tops and bottoms.