Analyst: NUPL indicator shows that Bitcoin's rally will continue until the end of 2025

Bitcoin has entered the euphoria phase, according to the long-term holder net unrealized profit/loss (NUPL) metric. WeRate co-founder Quinten François wrote in a Dec. 7 X post that this could extend Bitcoin’s rally until the end of 2025: “Bitcoin is entering the euphoria phase. There are up to 12 months before the cycle tops.” NUPL is used to measure whether the Bitcoin network as a whole is profitable or loss-making, and its measurement is the difference between unrealized profits and unrealized losses among BTC holders. James Coutts, chief cryptocurrency analyst at Real Vision, said recently that another good sign for Bitcoin's performance is that despite the lack of global liquidity, Bitcoin has hit a record high: "Against the backdrop of poor liquidity, Bitcoin has still hit a new high. If the situation worsens, the rebound will be gratifying, but it will only last for a limited time. If the situation eases from now on, then Bitcoin's pullback is reasonable, but it will rise again afterwards." Global M2 liquidity (an estimate of all cash and short-term bank deposits) may have bottomed out, which also suggests that Bitcoin may continue to rise in the short term before a potential pullback. (Cointelegraph)