NUPL split into profit & loss sides — Unrealized profit vs loss sides of NUPL, each ÷ market cap — "less loss" rallies vs genuine profit-building
NUP / NUL uses Bitcoin's UTXO cost-basis data: NUPL split into profit & loss sides. It connects the current market with the prices at which coins were last moved.
NUP rising with flat NUL = genuine profit-building. NUL falling with flat NUP = a “less loss” recovery. The two together explain WHY NUPL moves.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.