On-chain data shows the Bitcoin NUPL metric is back to a positive value, suggesting the market as a whole is back in profit.
Bitcoin NUPL Latest Trend Could Signal The Bottom Is Already In
As pointed out by an analyst in a CryptoQuant post, the BTC NUPL breaking above the neutral market may be a sign that the bottom has set in.
The “Net Unrealized Profit/Loss” (or “NUPL” in short) is an indicator that’s defined as the difference between the market and realized caps, divided by the market cap.
In simpler terms, what this metric tells us is the profit/loss ratio among investors in the current Bitcoin market.
The indicator works by looking at the on-chain history of each coin to see what price it was last moved at. If this selling price of any coin was less than the current BTC value, then that particular coin is holding some profit right now. Otherwise, ..
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