Since the beginning of March, Net Unrealized Profit/Loss (NUPL) and Market Value to Realized Value (MVRV) reflected significant volatility in Bitcoin’s price, indicating how quickly investor sentiment changed.
Over the past few days, the market has remained in net profit, which indicates that most investors retained a generally optimistic stance despite the volatility resulting in several rapid price swings.
NUPL and MVRV ratios are on-chain metrics that gauge Bitcoin market sentiment and profitability. NUPL measures the net unrealized profit or loss in the network relative to market cap (values > 0 indicate a net profit state for investors), while MVRV compares Bitcoin’s market cap to its realized cap (the aggregate cost basis of coins).
An MVRV above 1 (or NUPL above 0) signifies that the average holder is in profit, whereas values below 1 indicate holders are, on average, underwater. High MVRV (e.g.,>2.4) signals large unrealized profits (often seen near bullish peaks), wh
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