MVRV translated into a share: how much of the market cap is paper profit (or loss).
Latest value: 0.2957 (as of 2026-11-02).
One number the engine stored, carried as stored. The 730-day history and its gates live on the metric page and the dashboard tab.
NUPL — Net Unrealized Profit/Loss — is MVRV's arithmetic cousin. Where MVRV is a ratio of caps, NUPL subtracts: (market cap − realized cap) ÷ market cap. The result is the share of bitcoin's market capitalization that exists only as unrealized gain (or, when negative, as unrealized loss). NUPL of 0.5 means half the market cap is paper profit; NUPL of 0 means the market in aggregate holds coins exactly at cost; below 0 means the aggregate position is underwater.
The metric's usefulness is its framing of risk in units of paper wealth. High NUPL regimes carry large unrealized gains that CAN become sell pressure; negative NUPL regimes carry holders who have already refused to sell at a loss for a long time. Historically the metric's bands have labeled these regimes — belief, euphoria, capitulation, hope — but the bands are measured descriptions of past cycles, and the platform's publication gate states when a value is withheld.
This page prints the latest stored value and its date. The band definitions and the publication gate live on the metric page.
Positive and rising: the paper-profit share of the cap is growing, and the distribution risk grows with it — more of the market cap exists only as unrealized gain that holders could choose to realize at any time.
Near zero: the marginal holder sits at cost. Historically this is the zone where cycle regimes flip — the aggregate position has no cushion in either direction.
Negative: the aggregate position is underwater, and capitulation dynamics dominate the reading until the metric recovers. Read beside supply-in-loss for how much of the supply faces that decision.
NUPL is computed by the same on-chain engine as MVRV (onchain_metrics.get_derived) from realized cap over the FULL supply — the engine documents why partial-coverage denominators understate realized cap and withholds the value when its cross-checks fail.
The share of bitcoin's market cap that is unrealized profit — or, when negative, unrealized loss: (market cap − realized cap) ÷ market cap.
They come from the same inputs. MVRV is their ratio; NUPL expresses the gap as a fraction of market cap, which reads more naturally as 'how much of the cap is paper profit'.
Historically labeled regimes (capitulation below 0, euphoria at the extremes) — descriptions of past cycles, not thresholds with predictive power. The platform states its own measured gate on the metric page.
Because the engine publishes only cross-checked output. A realized-cap input that fails verification withholds NUPL rather than printing a number the platform cannot back.
On the platform's metric page for NUPL (linked below) and on the dashboard tab.