On-Chain Analysis: NUPL Analysis of Bitcoin (BTC) & Ethereum (ETH)

Share Article
In Brief
  • The yearly high NUPL value for Bitcoin was 0.748.

  • It has been trending upwards for eleven months.

  • The yearly high NUPL value for Ethereum was 0.77.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

In this article, BeInCrypto will take a look at on-chain indicators for Bitcoin (BTC) and Ethereum (ETH), more specifically Net Unrealized Profit/Loss (NUPL).



The indicator reading for BTC moved above the 0.5 benchmark 11 months ago. The previous two bull markets ended twelve months after NUPL first moved above this level.

What is NUPL? 

NUPL is and indicator created by diving unrealized profits with unrealized losses. Simply put, it measures the amount of profit or loss for investors if all coins were sold today. 



A negative reading indicates that investors are at a loss, while a positive one suggests that they are in profit.

When looking at historical NUPL readings for BTC, those above 0.75 (blue) have signified that a market top is relatively close.

Conversely, readings below 0.25 (red) have indicated that the bottom is close.


The yearly high NUPL reading for BTC was 0.748, reached on Feb 21. Therefore, it failed to cross the 0.75 benchmark that occurred in all previous bull markets. 

The movement in 2021 is interesting since NUPL crossed below 0.5 (yellow) before moving back above and turning green. 

This has similarities to the 2013 bull market, which was characterized by two tops with a sharp drop in between. 

However, the length of time in which NUPL has been above 0.50 points to the bull market coming to an end. Both the 2013 and 2017 bull runs lasted roughly one year after NUPL first crossed above 0.50. 

Since NUPL initially crossed above 0.50 on Oct 2020, it is approaching the one-year end point.

Chart By Glassnode

A closer look at the movement since July shows that NUPL briefly crossed below 0.5 twice before regaining the line afterwards. It is currently at 0.52. 

Going by previous history, a decrease below 0.5 could spell the end of the bull market.

Chart by Glassnode


The yearly high NUPL for ETH has been 0.77, reached in January. Unlike BTC, the reading managed to cross the 0.75 line, even if it fell short of an all-time high. 

Similarly to BTC, the 2017 bull run for ETH continued for roughly one year after NUPL crossed above 0.50. However, in the case of ETH, a NUPL cross below 0.50 (black arrow) marked the end of the bull run in 2017.

Currently, the bull run has gone on for slightly less than a year after NUPL first crossed above 0.5, which it did on Nov 2020. 

Therefore, according to previous history, a cross below 0.50 could mean the end of the bull run.

Chart By Glassnode

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

What do you think about this subject? Write to us and tell us!


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Limited offer! Learn to mine and trade crypto today for free


Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!