NRPL (Net Realized Profit/Loss) – What is this indicator telling us about the market?

NRPL measures the net value between realized profits and losses on-chain.

- Large positive spikes often appear near short-term tops → periods of strong profit-taking

- Deep negative spikes usually coincide with stress or bottom zones → signs of capitulation / panic selling

Recently, NRPL has been contracting around a neutral zone after a period of strong negative volatility, which often signals a region near the bottom.

NRPL is not used to “predict price,” but to understand who is under pressure — those in profit or those in loss.

When combined with price structure and liquidity, this metric provides clearer insight into whether the market is in accumulation or distribution.