Bitcoin Holders See Relief

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<a href="https://investment-policy.com/btc-usd/">Bitcoin</a> Holders See Relief: NUPL Jumps to 0.1969 Amid $68K Reclaim

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.

Recent data suggests Bitcoin investors are starting to feel more optimistic after a significant price drop. According to CryptoQuant, the Net Unrealized Profit/Loss (NUPL) indicator, which measures overall profitability, rose from 0.1192 on February 5th to 0.1969 by February 25th, indicating a shift in sentiment.

The recent recovery in the crypto market follows a sharp drop in Bitcoin’s value earlier this year, where it lost almost 50% of its peak value. However, the market hasn’t reached a point of extreme excitement yet, suggesting further challenges might lie ahead.

Early this month, Bitcoin’s NUPL (Net Unrealized Profit/Loss) dropped to 0.1192, almost reaching its lowest point since March 2023. This decrease happened after significant selling pressure and outflows from ETFs briefly pushed Bitcoin’s price below $60,000 on February 6, 2026. This level indicates strong fear in the market, with more Bitcoin holders experiencing losses than profits, and short-term holders facing substantial paper losses.

Bitcoin rebounded to $0.1969 by February 26th, following a quick recovery after concerns involving Jane Street. After falling to around $64,000-$65,000 in the middle of the month, Bitcoin experienced a significant rally – one of its strongest recently. It jumped over 6% in a single day, briefly reaching $70,000 before dropping back slightly.

Bitcoin’s Net Realized Profit and Loss (NRPL) is currently at -$205.67 million, which is a fairly small amount. These negative numbers suggest that more people are selling at a loss than making a profit, a typical pattern during times of market fear or when investors are giving up.

Net Unrealized Profits and Loss

In my research, I’ve been analyzing Bitcoin holder behavior using data from CryptoQuant, and I’ve found something quite interesting. Currently, the Net Unrealized Profit (NUP) – which essentially measures the overall profit or loss of all Bitcoin holders – is at a historic low of 0.3758. To explain how we calculate this, it’s the total profit made by all Bitcoin holders, taking into account the price they originally bought at versus the current price, and then dividing that by Bitcoin’s total market capitalization. It gives us a good idea of how ‘in the green’ or ‘in the red’ the entire Bitcoin network is.

On the other hand, the Net Unrealized Loss stands at 0.1792, which is the same level seen in June and September of 2023. Like the Net Unrealized Profit, this figure is calculated by adding up the value of lost transactions (based on the difference between their creation and destruction prices) and then dividing that total by the overall market capitalization.

As of today, Bitcoin’s trading around $68,175, which is a nice jump – about 3% in the last 24 hours. It’s great to see it bouncing back and pretty much wiping out the losses we saw earlier in the month. A few things seem to be driving this: short sellers getting squeezed, continued money flowing into Bitcoin ETFs, and generally people feeling a bit more comfortable taking risks. It’s a positive sign for my portfolio!

Bitcoin’s market capitalization is $1.35 trillion, which once surged to $2.486 trillion.  

The significance of Bitcoin NUPL

The NUPL (Net Unrealized Profit/Loss) is a popular metric for tracking Bitcoin’s market health. It’s calculated by comparing the market capitalization to the realized capitalization, and is used by investors to gauge market sentiment and optimism, especially during times of economic uncertainty.

The recent increase in NUPL indicates that losses are decreasing as prices go up. While short-term holders, who were most affected by the price drop, are starting to recover, long-term investors seem to be proceeding with caution.

The recent increase in NUPL suggests that the intense selling pressure seen in mid-February might be calming down. If the price can stay above $67,000–$68,000, this positive trend could continue and indicate the start of a price recovery. However, if the price fails to break through current resistance levels, it could fall again and revisit recent lows.

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2026-02-26 16:54