ONCHAIN On-Chain · Updated February 2026 · ~4 min · For TradingView desktop 3.2.1
NUPL and Market Cycle Phases
NUPL (Net Unrealized Profit/Loss) = network unrealized profit minus loss, as a share of market cap. It compresses "is the network in profit or loss, and how hard" into a number floating around 0, mapping directly to sentiment phases.
Sentiment phases (historical bands as reference)
| NUPL range | Phase |
|---|---|
| < 0 | Capitulation · aggregate underwater, bottom zone |
| 0 – 0.25 | Hope / Fear |
| 0.25 – 0.5 | Optimism / Anxiety |
| 0.5 – 0.75 | Belief / Denial |
| > 0.75 | Euphoria · huge unrealized gains, top zone |
How to use it
NUPL entering the capitulation zone signals extreme pessimism, often near bottoms; entering euphoria signals extreme greed, high distribution risk. It's a contrarian sentiment tool — warn at extremes, not precise buy/sell points.
Tip: thresholds are historical references and drift each cycle; don't apply mechanically. NUPL is most reliable in confluence with realized price and log regression bands.