{"path":"/indicators/net_unrealized_profit_loss","tier":2,"parameters":{"a":["BTC"],"c":["native"],"f":["csv","json"],"i":["1h","24h"]},"queried":{"a":"BTC","path":"/v1/metrics/indicators/net_unrealized_profit_loss"},"refs":{"docs":"https://docs.glassnode.com/basic-api/endpoints/indicators#get-v1-metrics-indicators-net_unrealized_profit_loss","studio":"https://studio.glassnode.com/charts/indicators.NetUnrealizedProfitLoss","metric_variant":{"bulk":"/indicators/net_unrealized_profit_loss/bulk","pit":"/indicators/net_unrealized_profit_loss_pit"}},"bulk_supported":true,"timerange":{"min":1231005600,"max":1794484800},"modified":1794490108,"descriptors":{"name":"Net Unrealized Profit/Loss (NUPL)","short_name":"Net Unrealized Profit/Loss (NUPL)","group":"Unrealized Profit/Loss","tags":["on-chain","valuation","profit_loss","unrealized_profit_loss"],"description":{"default":"**Definition.** Net Unrealized Profit/Loss (NUPL) is the difference between Relative Unrealized Profit and Relative Unrealized Loss. [Long Term Holder NUPL](https://studio.glassnode.com/metrics?a=BTC\u0026m=indicators.NuplMore155) and [Short Term Holder NUPL](https://studio.glassnode.com/metrics?a=BTC\u0026m=indicators.NuplLess155) are the LTH/STH variants.\n\n**Technical.** For assets other than BTC, NUPL uses an [address-based approach](https://research.glassnode.com/account-based-metrics/), 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)](https://studio.glassnode.com/charts/market.Mvrv?a=BTC) via `NUPL = 1 - 1 / MVRV`. For ETH and ETH tokens, however, since smart contracts are excluded, the formula does not hold.\n\n**Notes.** For more information, see our article on [dissecting Bitcoin's unrealised on-chain profit/loss](https://medium.com/glassnode-insights/dissecting-bitcoins-unrealised-on-chain-profit-loss-73e735020c8d) and the primer on [Bitcoin investor sentiment and changes in saving behavior](https://medium.com/@adamant_capital/a-primer-on-bitcoin-investor-sentiment-and-changes-in-saving-behavior-a5fb70109d32) for the alternative formulation.\n"},"data_sharing_group":"onchain"}}