Last November, the value of Bitcoin reached $68,000.

But since mid-June of this year, its range has been close to the $20,000 mark.

Currently half of Bitcoin holders have net unrealized earnings on hand.

The price of Bitcoin rose abruptly last week, starting on Wednesday.

After recovering above the $20,000 mark this week, Bitcoin price action has dumped $160 million bitcoin short positions.

But even before this rally, nearly 50% of Bitcoin holders were in positive or unrealized gains, according to for scale On the net it is called net unrealized profit or loss (NUPL).

“Unrealized” simply means that this metric is for those who didn’t sell.

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This metric represents whether or not they would gain or lose if their holdings were sold at the current average market price.

As of Wednesday last week, before the sudden surge in bitcoin prices in the week, 47%, or nearly half of all bitcoin holders, made a profit, according to some estimates.

Now, that number sits higher than that.

Another estimate from earlier this week, based on CryptoQuant data analytics, pegs this ratio by a narrower margin, with NUPL at -0.07.

NUPL describes whether bitcoin holders have a profit or a loss on their hands at the moment for trading bitcoin.

When the number is positive, it means that more investors are carrying unrealized profits, and when the number is negative, it means that more investors are carrying unrealized losses.

Read:How did Binance manage to maintain profits despite the market downturn?

With this number very close to 0, the percentage of bitcoin held at a profit roughly equals the percentage held at a loss if the owner were to sell on the day the scale was taken.

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