ETH/BTC NUPL Reaches Four-Year Low, Reflecting Market Sentiment

According to BlockBeats, on November 20, CryptoQuant CEO Ki Young Ju highlighted on social media that the ETH/BTC Net Unrealized Profit/Loss (NUPL) has reached its lowest point in four years. This development indicates that Ethereum has been underperforming compared to Bitcoin, with Ethereum holders unknowingly incurring losses. This situation mirrors the market conditions observed in early 2020. NUPL, or Net Unrealized Profit/Loss, is a metric used to gauge market sentiment and the unrealized profits and losses of cryptocurrency holders. It provides insights into the overall market condition by calculating the net value of unrealized profits and losses of all held assets. This metric is crucial for understanding the psychological state of the market participants and can indicate potential market trends. The current low in the ETH/BTC NUPL suggests a bearish sentiment among Ethereum holders, similar to the sentiment during the early months of 2020, when the market experienced significant volatility and uncertainty.