Net Realized Profit And Loss

Net Realized Profit/Loss sums, over all coins spent on-chain in a day, the difference between their disposal price and acquisition price (UTXO spend value minus creation value) — the day's net realized P&L in dollars. It is the absolute-dollar sibling of SOPR: SOPR gives the average profit ratio, this gives the total dollars of profit or loss actually locked in.

Sustained large positive values: heavy profit-taking — normal in a bull's main advance, but readings near historical extremes (as around the 2021 and 2024–2025 highs) warrant caution, since fresh demand must absorb every dollar realized. Deep negative spikes: direct evidence of panic loss-taking — March 2020 and June/November 2022 (Luna, FTX) each left signature loss-realization spikes that marked bottom territory in hindsight.

NUPL measures paper P&L — potential energy; this metric measures the release. High potential doesn't guarantee release, but every release prints here. The combination "NUPL elevated + net realized profit expanding" is a stronger top signature than either alone. Caveats mirror SOPR's: self-transfers and exchange reshuffles fabricate "realizations," and absolute dollars scale with market size — for cross-cycle comparison, prefer the market-cap-normalized variant.

Beyond on-chain P&L, gauge market stress with live liquidations and the Fear & Greed Index.