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BTC Net Unrealized Profit/Loss

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BTC's NUPL (Net Unrealized Profit/Loss) is an indicator used to assess the sentiment of the Bitcoin market. This indicator measures the ratio of total profits and losses of all currently unrealized bitcoins, and normalizes it to a range from -1 to +1. NUPL formula: NUPL = (current price - last transfer price) total / total supply Where the last transfer price is the price when Bitcoin was last moved from one address to another. The value of NUPL can be interpreted as: NUPL > 0.75: Market is in a bubble state, overbought situation 0.5 < NUPL < 0.75: Market sentiment is optimistic 0 < NUPL < 0.5: Market sentiment is neutral -0.25 < NUPL < 0: Market sentiment is pessimistic NUPL < -0.25: Market is in a state of fear, oversold situation.