NRPL by Market Cap divides daily net realized P/L by current market cap. The numerator is the same NRPL flow; the denominator is the market’s current valuation base. The output is a ratio for comparing realized net pressure across capitalization regimes.
Positive extremes mark net profit realization that was large relative to market value. Negative extremes mark net loss realization that remained heavy after scaling by market size. Raw NRPL and Market Cap provide the closest context.
This version normalizes nominal USD flow, but it remains a spent-output metric. It does not measure underwater supply or unrealized valuation spread. NUPL also uses market cap as a denominator, but its numerator is unrealized, not daily realized flow.
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