Profit / Loss

MVRV Ratio

Market Value to Realised Value. MVRV > 1 means the market is in aggregate profit; extreme highs signal macro tops, extreme lows signal macro bottoms.

SOPR (Spent Output Profit Ratio)

SOPR > 1 means coins moved on-chain are on average in profit; < 1 means holders are realising losses. A reset below 1 often coincides with cycle bottoms.

NUPL (Net Unrealised Profit/Loss)

Relative unrealised profit minus unrealised loss. High NUPL signals euphoria; negative NUPL signals capitulation.

Sell-side Risk Ratio

Ratio of total realised profit + loss to realised cap. When low, spent coins are small relative to market size — sellers are exhausted and volatility is likely ahead.