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Analyst: After the Bitcoin adjustment, NUPL has remained negative for six consecutive weeks. Market pressure has eased, but it has not reversed.

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ME News, July 14 (UTC+8): CryptoQuant analyst Axel Adler Jr. said Bitcoin’s adjusted net unrealized profit/loss (NUPL) has been negative for six straight weeks, currently hovering near -0.13. This means the average holder’s cost basis is higher than the current price, and the overall market remains in an unrealized loss state. The NUPL readings for three key cohorts— the overall market, long-term holders, and short-term holders— have converged to around -0.13. Short-term holders were the first to enter losses and hit a bottom on June 5 (-0.27), while long-term holders and the overall metric later reached lows on June 30 (around -0.22). All three indicators are currently rising in sync; the depth of losses has narrowed significantly from the June low, but none have returned to breakeven. The analyst said that the synchronous narrowing of losses points to easing panic-selling pressure, but it does not yet represent a complete reversal. Confirmation of a regime shift requires the overall adjusted NUPL to continue rising and stay above the zero line. The main risk is a renewed break below -0.22 and the creation of a new low below the late-June bottom. The current market is in a pressure-and-accumulation phase, not at the top. (Source: PANews)
BTC3.12%
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