NRPL by Realized Cap divides daily net realized P/L by realized cap, the aggregate on-chain cost-basis capitalization of current supply. The output is a ratio that places realized net flow against the network’s stored cost-basis base.
Positive extremes show net profit realization that was large relative to realized cap. Negative extremes show intense realized losses relative to the same cost-basis base, usually around disorderly sell-side events. Raw NRPL and Realized Cap are the direct context.
This denominator can diverge sharply from market cap. The same NRPL print can look modest by market value and large by realized cap, or the reverse. Coins sitting underwater without moving still do not enter the numerator.
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