Bitcoin NUPL Stuck Below 0.75 for Nearly a Decade

The Net Unrealized Profit/Loss (NUPL) metric for Bitcoin measures the share of market value held in unrealized gain. A reading above zero indicates a net paper profit, and any number below zero means the average coin is underwater.

According to data from 18 July 2010 to 18 September 2026, there have been only 248 days when NUPL closed at or above 0.75. The last time this happened was on 18 December 2017, and since then, the metric has not reached that level again.

The February 2021 top missed the line by 0.0026, and the highest reading since then is 0.6398 on 11 March 2024. The compression of NUPL towards zero has a mechanical cause: realized cap rises every time a coin moves at a higher price, ratcheting up the network's cost basis underneath market value.