NUPL
Net Unrealised Profit/Loss. Share of the network's market cap currently held in profit vs. loss — a thermometer for collective greed and fear.
Cycle 5 · with zones
Current cycle since the 2024 halving — use the range buttons to zoom in.
halvinglens.com · nupl
Current reading
0.583ratio
Belief
Capitulation ·Belief· Euphoria
What it's telling us today
NUPL currently reads 0.583 — Belief. An expansion range: above long-term averages, but not yet euphoric.
Why this matters
Crosses 0.75 only in cycle peaks (2013, 2017, 2021). Drops below 0 in capitulation. Smooth and intuitive.
Zones
- Capitulation— → 0.000
- Hope / fear0.000 → 0.250
- Optimism0.250 → 0.500
- Belief0.500 → 0.750
- Euphoria0.750 → —
Cross-cycle view coming
This is a live on-chain metric, but our current free data source only reaches back about four years — so we show it for the current cycle only rather than drawing a 4-cycle comparison from data we don't have. Price-based metrics (Mayer, Puell, Rainbow) keep the full multi-cycle overlay.
Was the NUPL explainer useful?