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Info: Bitcoin NUPL (Net Unrealized Profit/Loss) is the ratio between unrealized profits or losses and the total market cap. It can interpreted as the proportion of the market cap that is in profit or in loss. It is calculated as: NUPL = (Market Cap - Realized Cap) / Market Cap

This ratio estimates the portion of the market cap that consists of unrealized profit or loss.

This metric can also be called Relative Unrealized P&L and was created by Tuur Demeester, Tamás Blummer and Michiel Lescrauwaet in this article.

In bull markets, NUPL rises as prices increase faster than profits are realized. In bear markets, it drops as losses mount and sentiment turns negative.

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