Markets Technical Analysis Bitcoin (BTC) on-Chain Analysis: Net Unrealized Profit/Loss (NUPL) Becomes Negative for the First Time Since March 2020

Be[in]Crypto looks at on-chain indicators for Bitcoin (BTC), more specifically the Net Realized Profit/Loss (NUPL) indicator. This is done in order to determine if BTC has reached a bottom or if it is still in the middle of a prolonged bear market. 

NUPL

NUPL is an on-chain indicator that shows whether the market is in a state of profit or loss. It is created by simply dividing relative unrealized profits with relative unrealized losses. 

Negative values suggest that the market is in a state of loss, while positive values suggest that it is in a state of profit.