What is it? NPL metric computes the average profit or loss of all coins that change addresses daily. For each coin that moves onchain, NPL takes the price at which it was last moved and assumes this to be its acquisition price. Once it changes addresses again, NPL assumes the coin was sold.
In fact, the loss we see above is a large value aggregated from a few subsequent days of loss in Bitcoin network. We can see it on a zoomed in chart:
Bitcoins moving on the network were generally moving at a loss. This contributed to what we see on a bigger time line chart.
