Cointime NUPL
Net Unrealized Profit/Loss computed using the Cointime Cap (active-supply weighted) rather than standard realized cap. Captures the profit sentiment of only economically active market participants.
What is it?
Cointime NUPL (Net Unrealised Profit/Loss) replaces Realized Cap with Active Cap in the NUPL calculation: (Market Cap - Active Cap) / Market Cap. This ratio measures the network's unrealised profit/loss weighted by coins' temporal activity. By excluding dormant/lost coins from the denominator, Cointime NUPL reflects the real sentiment of participants actively interacting with the network, not that of passive holders whose coins haven't moved for years.
How to read
Cointime NUPL uses the same semantic zones as Classic NUPL: < 0 = Capitulation, 0-0.25 = Hope/Fear, 0.25-0.5 = Optimism, 0.5-0.75 = Conviction, > 0.75 = Euphoria. However, thresholds are shifted since Active Cap is smaller than Realized Cap - Cointime NUPL reaches extreme values more easily.
Key zones
Cointime NUPL zones are internal heuristics (not established industry standards): > 0.80 = probable overheating of active participants, < 0 = active participants at net loss. These thresholds are mechanically shifted compared to Classic NUPL because Active Cap < Realized Cap.
What to observe
Comparing Cointime NUPL and Classic NUPL trajectories reveals dormant coins' influence on aggregate sentiment. When Cointime NUPL is significantly higher than Classic, active participants are more profitable than the global average - a 'healthy' market indication driven by real activity.
Historical context
Cointime NUPL showed divergences with Classic NUPL during phases where significant dormant coin movements affected Cointime metrics differently from classical metrics, notably during periods of intense on-chain activity in 2020-2021.
Expert notes
Cointime NUPL = (Market Cap - Active Cap) / Market Cap = 1 - (Active Cap / Market Cap) = 1 - (1 / Cointime MVRV). This direct relationship with Cointime MVRV means both metrics are different perspectives of the same underlying indicator. One adds no information over the other - the choice between them is a matter of visualisation preference (ratio vs percentage).
Common mistakes to avoid
Cointime NUPL is not 'more accurate' than Classic NUPL. It is a DIFFERENT perspective isolating active participants. In some conditions (market dominated by recent activity), both converge and the distinction is moot. Cointime NUPL's added value is maximal when significant dormant coin movements distort Classic NUPL.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/cointime-nupl/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "cointime-nupl",
"timeframe": "1y"
}Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.