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 unrealized loss. Now, here is a chart that shows the trend in the BTC NUPL over the last few years: The value of the indicator seems to have plunged down recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin NUPL has sharply decreased in value over the past couple of days as the price of the crypto has observed a crash. The indicator now has a negative value, suggesting that the overall BTC market is now holding some unrealized loss. Related Reading | Bitcoin Long-Term Holde...
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