Definition. Net Unrealized Profit/Loss (NUPL) is the difference between Relative Unrealized Profit and Relative Unrealized Loss. Long Term Holder NUPL and Short Term Holder NUPL are the LTH/STH variants.

Technical. For assets other than BTC, NUPL uses an address-based approach, where unrealized profit and loss are measured against each address's average acquisition price. For ETH and ETH tokens, contract addresses are excluded, so NUPL covers only non-contract holdings; for ETH tokens, burn addresses are also excluded. The metric is related to Market Value to Realized Value Ratio (MVRV) via NUPL = 1 - 1 / MVRV. For ETH and ETH tokens, however, since smart contracts are excluded, the formula does not hold.

Notes. For more information, see our article on dissecting Bitcoin's unrealised on-chain profit/loss and the primer on Bitcoin investor sentiment and changes in saving behavior for the alternative formulation.