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Net Unrealized Profit/Loss (NUPL) reflects the sharp decline of Bitcoin to 0.14.
- A 77% decrease in value compared to the most recent cycle (0.62 - 0.63)
Observing the historical trend on the chart shows that the period from Q4/2023 to Q3/2025 was the strongest profit expansion period of the current cycle. During this time, NUPL consistently fluctuated above 0.50 and repeatedly approached the 0.60-0.63 range.
- This area typically reflects a state where a large portion of the #Bitcoin supply holds significant unrealized profits.
Historical statistics from #HCCVenture show that whenever NUPL exceeds 0.60, the percentage of investors holding unrealized profits across the network reaches extremely high levels, and the pressure to realize those profits also begins to increase.
Currently, since #Bitcoin plummeted from its all-time high of $120,000, the NUPL has consistently fallen to 0.14, a decline reflecting a sharp contraction of the remaining unrealized gains in the market.