on-chain performance. In doing so, it observed that the prevailing price movements resemble previous bear market bottoms.
Glassnode assessed BTC’s Net Unrealized Profit/Loss metric and noted that “the current state of the market can be reasonably described as resembling a Transitional Phase,” which is common “in the later stages of a bear market.” According to Glassnode, the weekly average of NUPL has changed from a state of net unrealized loss to a positive condition since mid-January. This is a sign that the typical BTC holder now holds a net unrealized profit of approximately 15% of the market cap, resembling transition phases in previous bear markets.
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