NRPL measures daily realized profit minus realized loss in USD from coins spent on-chain. Positive values mean gains exceeded losses in spent-output flow; negative values mean losses dominated. Dormant coins do not enter the calculation, even with large unrealized P/L.
Positive spikes usually mark gains dominating spent-output flow, broad profit-taking, or older low-cost coins moving into strength. Negative spikes mark loss-dominant days when spent coins clear below prior cost basis. Realized Profit and Realized Loss are the direct inputs.
Values near zero do not imply quiet markets. They can hide large gross realized profit and loss if the two legs offset in USD terms. NRPL keeps the signed net; the gross components still matter.
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