Net Realized Profit/Loss
Daily net realized profit/loss in USD - the aggregate profit minus loss of all coins moved on-chain. Positive = profit-taking dominates, negative = capitulation (sellers below cost basis).
What is it?
Net Realized Profit/Loss (NRPL) calculates each day the sum of all on-chain realized profits minus the sum of all realized losses. For each spent UTXO, the protocol compares the price at the time of spending to the acquisition price (last movement). If sale price > purchase price → realized profit; otherwise → realized loss. NRPL is the net difference: a positive number means that overall, participants who moved their coins that day realized a net profit. A negative number means they realized a net loss (capitulation). The history covers approximately 6,290 days with a range of -$5.8 billion to +$10.4 billion per day.
How to read
The line oscillates around zero. High positive values (> $1B/day) indicate massive profit-taking - typically observed at local and global tops. Deep negative values (< -$1B/day) mark mass capitulation - participants are selling at a loss. Zero-line crossovers are pivot moments: the shift from negative to positive often marks the end of a capitulation phase and the start of a recovery.
Key zones
NRPL > +$2B/day: extreme euphoria, unsustainable profit-taking - marked the 2017 and 2021 tops. NRPL between -$500M and +$500M: neutral zone, balance between buyers and sellers. NRPL < -$2B/day: deep capitulation - coincided with the March 2020 trough (-$5.8B record) and June 2022. The transition zone around zero is the most important to watch for timing.
What to observe
Observe the 30-day structural trend rather than daily values (very volatile). A series of consecutive days in growing positive territory marks an accelerating bull market. A persistent series in negative territory indicates a bear market that hasn't found its floor yet. Price/NRPL divergences are particularly informative: rising price with declining NRPL marks disguised distribution (smart money is exiting).
Historical context
NRPL was popularised by the work of Checkmate and on-chain analysis teams as a sentiment metric grounded in actual blockchain data. The most extreme historical peaks include the December 2017 top (+$3B/day), the March 2020 COVID crash (-$5.8B/day, absolute capitulation record), the 2021 double top (+$10.4B/day at peak), and the June 2022 capitulation (consecutive weeks in deep negative). The metric correctly identified every major capitulation and euphoria phase since 2015.
Expert notes
NRPL is calculated from Bitcoin full node UTXO data, assigning each spent output its acquisition price (price at the UTXO creation block). This method slightly underestimates profits/losses of entities that frequently consolidate their UTXOs (notably exchanges), as each consolidation 'resets the counter'. Daily granularity smooths intra-day variations. The 6,290-point history enables robust statistical cycle analysis.
Common mistakes to avoid
A positive NRPL does NOT mean 'everyone is winning'. It means the NET SUM is positive - some participants sold at a loss that day, but others' profits more than compensated. Similarly, a negative NRPL does not mean nobody is profiting. The metric only captures on-chain movements: gains/losses on centralised exchanges (off-chain) are invisible.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/entity-adjusted-volume/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "entity-adjusted-volume",
"timeframe": "1y"
}Required tier: pro. 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.