Cardano Network Metrics - Network Realized Profit/Loss (NPL) measures profit or loss of coins changing addresses daily [1] - Positive NPL indicates coins moving at a profit, suggesting potential profit-taking [1] - Negative NPL indicates coins moving at a loss, suggesting capitulation or reallocation [1] - Profit/Loss Transaction Ratio compares volume of coins moved in profit versus loss [2] - Ratio < 1 indicates loss-making transactions dominate [2] Market Interpretation - Cardano network's on-chain transactions are currently loss-making, a sign of capitulation [2] - Weak hands are being "shaken out," while stronger participants may re-enter at a discount [2] - Simultaneous negative movement in both metrics often signals an emotional flush-out phase [2] - Such conditions historically mark zones where fear and opportunity rebalance, but not a guaranteed reversal [2]