Deep Tide TechFlow News, on November 20, CryptoQuant CEO Ki Young Ju posted on social media that the net unrealized profit and loss (NUPL) indicator for ETH/BTC has dropped to its lowest level in 4 years, similar to the bottom in early 2020. Despite Ethereum's recent underperformance compared to Bitcoin, ETH holders still choose to hold rather than cut losses.

Ki Young Ju stated that the future development of Ethereum mainly depends on the revenue generated by Web3 applications through stablecoins, but the current ecosystem is facing high leverage risks, making it less attractive compared to Bitcoin in the short term. However, as regulations become clearer, it may show more potential in the long term.