Key Highlights
- Bitcoin’s Net Unrealized Profit/Loss (NUPL) recovered from a low of 0.1192 on February 5 to 0.1969 by February 25, tracking a sharp price bounce after heavy liquidations and ETF outflows pushed BTC briefly below $60,000.
- Net Realized Profit and Loss (NRPL) remains negative at -$205.67 million, indicating ongoing net loss-taking amid the ~47–50% drawdown from 2025 highs, with short-term holders bearing the brunt and no full capitulation yet.
- Net Unrealized Profit (NUP) at a historic low of 0.3758 contrasts with Net Unrealized Loss (NUL) at 0.1792 (matching mid-2023 levels), showing shrinking paper profits but elevated losses as BTC holds around $68,175 with market cap at $1.35 trillion.
Bitcoin’s on-chain metrics are showing signs of a sentiment thaw after a punishing drawdown, with the Net Unrealized Profit/Loss (NUPL) indicator climbed from a February 5 low of 0.1192 to 0.1969 by February 25 data tracked via CryptoQuant.
The rebound comes as the crypto market catches its breath after Bitcoin shed nearly half its value from 2025 highs. Though the metric remains well short of euphoric levels and signals the rally may still face headwinds.
Bitcoin NUPL dipped to 0.1192 early this month, nearing historic low of March 2023 levels. It followed heavy liquidation pressure and ETF outflows that pushed Bitcoin briefly below $60,000 on February 6, 2026. That reading placed the network firmly in “fear” territory, where unrealized losses dominated and short-term holders faced steep paper drawdowns.
The subsequent recovery to 0.1969 as of February 26, tracks Bitcoin’s sharp bounce after the Jane Street drama. After bottoming near $64,000–$65,000 in mid-month sessions, BTC staged one of its strongest rallies in recent memory, surging over 6% in a single day and briefly testing $70,000 before pulling back.
In contrast, Bitcoin’s Net Realized Profit and Loss (NRPL) shows -$205.67 million, sitting at a relatively modest level. The current negative values highlight net loss realization, which is common in fear-driven sell-offs or capitulation.
Net Unrealized Profits and Loss
CryptoQuant data further shows that Net Unrealized Profit (NUP) for all Bitcoin holders currently sits at 0.3758, which is a historic low. This measure is the sum of products of UTXO’s value and the price difference between created and destroyed only in profit, divided by Bitcoin’s total market cap.
Conversely, the Net Unrealized Loss (NUL) is at 0.1792, matching levels with June and September 2023. Similar to NUP, this metric is also calculated by sum of products of UTXO’s value and the price difference between created and destroyed only in loss, and the number later divided by market cap.
At the time of publishing, Bitcoin hovered around $68,175, up roughly 3% in the past 24 hours according to CoinMarketCap data. The move erased much of the month’s early losses and coincided with a short squeeze, ETF inflows of recent days, and loosening risk-on flows.
Bitcoin’s market capitalization is $1.35 trillion, which once surged to $2.486 trillion.
The significance of Bitcoin NUPL
NUPL is one of the most tracked onchain metrics, calculated by subtracting realized cap from market cap, and divided by market cap. Onchain watchers closely monitor this chart while making investment decisions and tracking market optimism amid lingering macro uncertainty.
This latest NUPL uptick reflects shrinking unrealized losses across the supply as prices recovered. Short-term holders, hit hardest in the downturn, saw some breathing room, though long-term conviction appears cautious.
For investors, the NUPL progression from mid-February lows offers evidence that panic selling may have eased, at least for now. Sustained price holds above $67,000–$68,000 could build on this momentum and push NUPL higher, potentially signaling base formation. A failure to clear overhead resistance, however, risks renewed downside and a retest of lower levels.
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