ChainCatcher Message, CryptoQuant Founder and CEO Ki Young Ju posted on platform X, stating that the ETH/BTC NUPL has hit a 4-year low. This reflects the bottom levels of early 2020, possibly presenting an opportunity for Ethereum believers.

NUPL (Net Unrealized Profit/Loss) is an indicator that measures market sentiment and the unrealized profits and losses of cryptocurrency holders. It reflects the overall state of the market by calculating the net value of unrealized profits and losses of all assets held in the market.