Current NUPL is in a bullish trend

Current-NUPL-is-in-a-bullish-trend

The On-Chain Data here is an indicator of the total unrealized gains and losses in the Bitcoin network.
The NUPL can also be used to analyze past market movements by suggesting at what level Bitcoin prices have traded in the past.

Analytical Methods of NUPL👇
NUPL is high ➪ Profitable and the market is overripe (ceiling)
(Belief, Euphoria)

NUPL is low ➪ Losses are being made and the market is falling (near bottom)
(Capitulation)

Therefore, the current NUPL value has reached the "Optimism" zone and has recently shown a significant increase.
I personally believe that this is due in part to the fundamentals of Bitcoin ETF filings across the board.