Definition. This chart shows the relative balance between Unrealized Profit and Unrealized Loss held within the coin supply, normalized by Market Cap, in three traces: 🟩 Relative Unrealized Profit, 🟥 Relative Unrealized Loss (displayed as negative), and 🟣 Net Unrealized Profit/Loss (NUPL). Unrealized Profit indicates where a coin was acquired at a price below the spot price at each timestamp (and vice-versa for Unrealized Loss).

Technical. The profit and loss components are the relative unrealized metrics directly (each already expressed as a fraction of market cap), and the oscillator is their difference:

• NUPL = Relative Unrealized Profit - Relative Unrealized Loss 🟣

Interpretation. Normalizing by market cap makes aggregate profitability comparable across cycles and assets. NUPL readings above zero mean the supply as a whole sits in net paper profit, with high extremes historically marking euphoric phases where a large fraction of the market cap consists of unrealized gains; readings below zero mean the average holder is underwater, a condition characteristic of late bear markets and capitulation lows. The individual profit and loss components add texture: watching whether a NUPL recovery is driven by profit expanding or losses being purged (through spending or price recovery) helps distinguish fresh demand from mere relief.

Notes. Built from Relative Unrealized Profit and Relative Unrealized Loss; the native oscillator is Net Unrealized Profit/Loss. The USD-denominated counterpart is Unrealized Profit/Loss [USD], and a variant discounting lost coins is Adjusted-Net Unrealized Profit/Loss.