Is the Bull Cycle Nearing Its Top? Here’s What Bitcoin NUPL Metric Says

Key Points

1. Bitcoin's current bull cycle has seen multiple all-time highs (ATH) and differs from past cycles in its 'stepwise waves' momentum, linked to U.S. spot ETFs and liquidity.

2. The Bitcoin Net Unrealized Profit/Loss (NUPL) metric, which measures investor profit/loss status, has already hit two peaks this cycle, unlike past cycles which saw one or two peaks.

3. Analyst Yonsei Dent notes the NUPL is attempting a third peak with BTC at $120,000, suggesting the current cycle may last longer but with potential selling pressure.

4. The NUPL remains above 0, indicating that Bitcoin's market price is still in profit territory, though higher prices could trigger increased selling pressure.

5. Past bull cycle tops coincided with NUPL peaks, but the current cycle's dynamics are altered by institutional factors like ETFs, potentially leading to a different market outcome.