The network's unrealized profit (or loss) as a share of its total value. Positive = the market is collectively winning 'on paper'; negative = collectively losing.
A thermometer of collective profit. Zones (Glassnode markers calibrated on past cycles, not universal laws): capitulation < 0, hope/fear 0-0.25, optimism 0.25-0.5, belief 0.5-0.75, euphoria > 0.75. It is normalized MVRV ((MVRV−1)/MVRV): capped at +1, no true floor (in practice ~−0.3 at bottoms, ~+0.75 at tops). Reacts slowly, biased by lost coins, thresholds that compress. Context reading, never a standalone trigger.
| < 0 | capitulation: net unrealized loss (2015/2018/2020/2022 bottoms, often around −0.1 to −0.25) |
| 0 – 0.25 | hope / fear: slight unrealized profit, exiting a bottom |
| 0.25 – 0.5 | optimism / anxiety: moderate unrealized profit, expansion |
| 0.5 – 0.75 | belief / denial: high unrealized profit, late cycle |
| > 0.75 | euphoria / greed: extreme unrealized profit, top zone (peaks ~0.7-0.75) |
Descriptive historical markers, not decision thresholds.
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