PANews, November 20, reports that CryptoQuant CEO Ki Young Ju stated on social media that the Net Unrealized Profit and Loss (NUPL) indicator for ETH/BTC has fallen to its lowest level in four years. This indicates that despite Ethereum's recent underperformance compared to Bitcoin, ETH holders continue to choose to hold their coins and have not engaged in stop-loss selling. This level of the indicator is similar to the bottom seen in early 2020, which may provide opportunities for long-term bullish investors in ETH.
At the same time, he pointed out that the future development of Ethereum largely depends on the income generated by Web3 applications through stablecoins. However, the Ethereum ecosystem still faces high leverage risks and is less attractive compared to Bitcoin in the short term (within one year), but may show more potential in the long term as regulations gradually clarify.
