Definition. Net Unrealized Profit/Loss (NUPL) is the difference between Relative Unrealized Profit and Relative Unrealized Loss.

Technical. NUPL can also be computed by subtracting realized cap from market cap and dividing the result by market cap.

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.