NUPL
how much of the market value is unrealised profit
A high value means almost everyone holding bitcoin is sitting on a paper profit, so there is a lot of unrealised gain that could be sold; a low value means much of the supply is under water.
Definition(market cap - realized cap) / market cap. Exact by construction, not estimated.
LimitThis is exactly 1 - 1/MVRV on our data, to a measured maximum error of 4.44e-16, so this and MVRV are one measurement shown twice. That is why NUPL was taken off the cycle dashboard on 2026-08-05 rather than cast a second vote for the same fact. It keeps its own chart.