Net unrealized profit and loss (NUPL) is the difference between market capitalization and realized capitalization divided by market capitalization: +NUPL > 0 (+): Coin/Token investor has more profit investors suffer losses For NUPL to be above 0 (+), Market Capitalization must be greater than Actual Capitalization. When Market Cap increases above Actual Cap, it shows that the value being traded on the market is greater than the expected value on-chain. For example, if the NUPL value reaches 0.75, it means that the Market Cap is four times the Actual Cap. It is reasonable to assume that most of the coins being moved are profitable and the large gap between Actual Capitalization and Market Capitalization could act as selling pressure.

+NUPL <span Currencies or investors lose more than investors gain For NUPL to be below 0 (-), Market Capitalization must be less than Actual Capitalization. Since Actual Capitalization exceeds Market Capitalization, this indicates that the value being traded on the market is greater than the expected value on-chain. For example, if the Net Unrealized Profit/Loss value reaches -0.5, it means that the Market Capitalization is half of the Realized Capitalization. Arguably most of the coins/tokens transferred were at a loss and the large gap between Actual Capitalization and Market Capitalization could act as a buying incentive. Currently the NUPL=52 index is still closer to the peak bottom, so Dump beats still occur in the medium-term cycle like today's collapse, you can follow on X because there is a limit to writing here..ok Man