Bitcoin’s Next Bull Run Starts When This Turns Red
The Net Unrealized Profit/Loss (NUPL) for Long-Term Holders measures the average unrealized profit or loss of the most resilient investors in the market.
Currently, the value stands at 0.36, meaning long-term holders are still, on average, in profit.
But the most important signal appears when this metric turns negative.
When Long-Term Holders’ NUPL enters negative territory, it means even the most convicted participants are holding unrealized losses. Historically, this marks the phase of maximum market depression.
This stage reflects seller exhaustion, the transfer of coins to stronger hands, and the foundation for a new market cycle.
In previous cycles, this was the final phase before the start of a new Bull Run.
Opportunities are not built at the top.
They are built in depression.
Data > Narratives.
@Alphractal