Net Realised Profit/Loss shows whether spent Bitcoin outputs are realising more dollar profit or more dollar loss in aggregate. It places both outcomes on one signed series so the dominant side is immediately visible.

The metric is built from on-chain reference prices. “Realised” means an output moved relative to the price when it was previously created; it does not prove that the movement was a purchase or sale between different owners.

How Net Realised Profit/Loss is calculated

Formula. Realised Profit − Realised Loss.

Realised Profit and Realised Loss are normally measured as positive dollar magnitudes. Subtracting the latter produces a positive reading when profitable spends dominate and a negative reading when loss-making spends dominate. If a chart already plots Realised Loss as negative, adding the two signed series produces the same result.

Why the zero line matters

Above zero, the qualifying coins spent during the period realised more profit than loss in dollar terms. Below zero, they realised more loss than profit. A crossing therefore marks a change in the net outcome of current spending, not necessarily a change in the broader price trend.

A value near zero is ambiguous. It can mean very little profit or loss was realised, or it can mean that large amounts of both nearly cancelled. Always inspect the two components before calling the market quiet.

What the net figure can hide

Netting removes gross activity. Ten billion dollars of profit offset by ten billion dollars of loss produces the same zero as almost no value realisation at all, even though the two market conditions are completely different.

The series is also nominal and sensitive to market size, price level, transaction labelling and the selected interval. A record dollar reading is not automatically a record once scaled by Realised Cap or transfer volume.

How to read it

Strongly positive. Profit realisation dominates in dollar terms; price shows whether demand is absorbing it.

Positive. Spent outputs are locking in more profit than loss.

Near zero with quiet components. Little net or gross value is being realised.

Near zero with large components. Profitable and loss-making spends are both substantial but offsetting.

Negative. Loss realisation dominates, with deeply negative readings indicating greater realised stress for the period.

Net Realised Profit/Loss updates daily inside the Profit & Loss dashboard, alongside its two components, SOPR and Sell-Side Risk Ratio.

Common questions

Is Net Realised Profit/Loss the same as NUPL?

No. This metric measures the signed dollar result among coins that were spent. NUPL measures the network’s net unrealised position among the current UTXO set and scales it by Market Cap.

Does a positive reading mean price must rise?

No. It means profitable spends dominate. If the associated supply overwhelms demand, price can still weaken.

Does a negative reading mean sellers have capitulated?

Not automatically. Deep, sustained negative readings are consistent with capitulation-like stress, but loss realisation can continue without an immediate reversal.

Why can two providers show different values?

They may use different price feeds, time boundaries, entity-adjustment rules, transaction filters, units or smoothing.

What should I pair it with?

Read the separate profit and loss components for gross activity, SOPR for relative outcome, Sell-Side Risk Ratio for scale and price for market response.