Analysis: Bitcoin Net Unrealized Profit/Loss (NUPL) has dropped significantly to around 0, signaling a potential trend reversal. The previous cycle similarly saw a sharp decline warning of a 50% Bitcoin retracement.
BlockBeats News, January 26th, CryptoQuant analyst @AxelAdlerJr stated that the recent Bitcoin net Unrealized Profit/Loss (NUPL) has dropped by 97%, falling to around zero. The last time this happened was in June 2022 when Bitcoin dropped from $30,000 to $16,000.
@AxelAdlerJr pointed out that at the current price level, whales are still profitable (with a 25%-80% buffer), so there is no panic yet. However, what supports the market is not buyers but the absence of sellers.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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