Net Realized P&L - Bitcoin On-Chain Data Analysis

About Net Realized P&L

Track Net Realized Profit and Loss (NRPL) - the net difference (Profit - Loss) between on-chain profits and losses realized when Bitcoin UTXOs are spent, displayed as a single line. Unlike the standard Realized P/L chart which shows profits and losses as separate bars, this shows the overall market direction in one value. Calculated by subtracting Realized Loss from Realized Profit, where each spent coin is valued at its current price minus its cost basis (price when last moved). Formula: Net Realized P/L = (1 - 1/SOPR) × Transaction Volume. This metric reveals market sentiment: positive values (green) indicate net profit-taking behavior, negative values (red) show capitulation and loss realization, while values near zero suggest coins moving at breakeven. Best for identifying overall market direction and sentiment shifts. Available in both USD and BTC denominations with 30-day EMA smoothing by default to identify trends.