Bitcoin continued to crash down yesterday, with the coin hitting as low as $21k before rebounding to current values. Has the crypto made the bottom yet?
Bitcoin NUPL Indicator Assumes Negative Values For First Time Since 2020
As pointed out by an analyst in a CryptoQuant post, the NUPL metric has declined below zero, which could be a sign that the crypto may be approaching a bottom.
The Bitcoin “net unrealized profit and loss” (NUPL) is an indicator that’s defined as the difference between the market cap and the realized cap, divided by the market cap.
In simpler terms, what this metric tells us is whether the overall market is currently holding an unrealized profit or a loss.
When the NUPL’s value is greater than zero, it means the investors as a whole are in a state of profit at the moment.
On the other hand, values of the metric less than zero imply the Bitcoin market as a whole is now holding an unrea ..
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