Net Unrealized Profit/Loss (NUPL)

How much profit the whole market is sitting on but has not cashed in, as a share of what bitcoin is worth today. Above zero the average owner is up; below zero the average owner is down. Every point shown is real up to the date on the badge above the chart.

Take what all bitcoin is worth today, subtract roughly what its owners paid for it, and express that gap as a share of today's value. What is left is the paper profit of everyone holding bitcoin, before anybody sells.

For example, 0.55 means about 55% of the entire value of bitcoin today is profit nobody has taken yet. A reading of −0.15 means the market as a whole is 15% underwater.

Zero is the break-even line where the average owner has made nothing. It measures how much unrealised profit the market is sitting on right now; it **does not** say when any of it gets taken.

In words: today's total value of all bitcoin, minus the total valued at the price each coin last moved at, divided by today's total value [(market cap − realized cap) ÷ market cap]. Computed in-house from our own Bitcoin node's realized cap — the value of every coin at the price it last moved at, which can only be obtained by reading the whole chain.

Every point on screen was counted by **our own Bitcoin node** — a full copy of the blockchain that we run ourselves — and the line runs up to the date on the badge **above** the chart. A day our node could not count is left as a gap; it is never filled in from another source.

Being a whole-market average, it hides the fact that recent buyers can be deep in loss while long-time holders are far in profit.

Computed by Safu from its own Bitcoin node: realized cap (the value of every coin at the price it last moved at, which only a full read of the chain gives) and coin supply, set against the daily BTC closing price we store. One point per day from 2010, once a market price existed and the cost basis had formed. No outside metrics feed is involved.

Computed in-house from Safu's Bitcoin node · 1 point/day since 2010 · recomputed daily

• Market Value to Realized Value (MVRV)
• NVT Ratio
• SOPR (Spent Output Profit Ratio)
• Profit Momentum Rule
• Safu Selling Pressure — Tracked Transfers
• MVRV Z-Score
• Realized Mayer Multiple
• Long-Term Holder Realized Price
• Realized Price Bands
• LTH − STH MVRV Difference
• Reserve Risk
• Long-Term Holder NUPL