Bitcoin has surged to a new all-time high, underscoring significant upward momentum in the cryptocurrency market. This milestone reflects strong investor interest and demand for the leading digital asset.
Even with this price breakthrough, key on-chain metrics suggest a tempered sentiment among long-term investors (LTHs). Glassnode data indicates that the Net Unrealized Profit and Loss (NUPL) for LTHs remains notably below the threshold typically associated with market frenzy or euphoria.
The NUPL metric, calculated by comparing unrealized profit relative to unrealized losses across coins held long-term, is widely regarded as a crucial indicator of investor sentiment. When LTH NUPL remains subdued despite price appreciation, it often signals prevailing caution and strategic holding patterns, potentially reducing the near-term risk of large-scale profit-taking driven by euphoria.
This cautious stance among veteran holders contrasts with the headline price achievement and is seen by analysts as a sign of underlying market health rather than excessive speculation, potentially laying a foundation for more sustainable growth.