Bitcoin Market Sentiment Shifts as NUPL Indicator Reflects Caution

Looknode posted on X. The Bitcoin Network's Unrealized Profit and Loss (NUPL) indicator, which measures the proportion of unrealized profits and losses against the current market value, is essentially a gauge of market sentiment. The current position of the NUPL indicator mirrors a situation last seen three years ago, marking the beginning of the last bull market cycle. As the NUPL has significantly retreated from its peak, the market's unrealized profits are rapidly compressing, causing sentiment to shift from 'greed' to 'caution/fear.' This change in sentiment and confidence appears reminiscent of the atmosphere three years ago.