NUPL (Net Unrealized Profit/Loss)
Percentage of unrealized profit/loss across all BTC holders.
NUPL = (market cap - realized cap) / market cap. 0.75+ = euphoria (typical cycle top), 0.5-0.75 = greed, 0.25-0.5 = optimism, 0-0.25 = hope, negative = capitulation (typical bottom). Highly reliable for cycle extremes, slow for short-term trading.
In plain words
Tells you what % of unrealized profit the whole market currently has. >75% = euphoria, everyone in green - usually a top. Negative = everyone losing - typical bottom.
Example
Nov 2021: NUPL 0.75 = euphoria, top 69k. Nov 2022: NUPL -0.15 = capitulation, bottom 15.5k.
Also known as: net unrealized profit loss