Whales have purchased over 70,000 BTC in the last two days, amounting to about $7.28 billion. This is reported by trader and crypto analyst Ali Martinez (99.8k followers), analyzing #Santiment data.
At the same time, the assets under management of Bitcoin ETFs have surpassed the assets under management of gold ETFs, even though the latter have been on the market for 20 years.
Meanwhile, the NUPL (Net Unrealized Profit/Loss) value for #BTC has reached 60%. Historical chart data shows that when NUPL rises above 70%, the market enters a state of excessive optimism, which poses a risk of correction. In other words, there is still some room for this metric, but it's not particularly large.
Is it a good idea to buy BTC now? Definitely not, especially if you need to sell altcoins to do so. Moreover, buying at highs carries known risks.
Where can the asset be picked up in case of a correction/dump? The stripes of our indicator on the weekly and monthly time frames currently answer this question (primarily the red and blue ones, of course - one shouldn't count on green in the current stage of the market).
