Each time NUPL reaches the "take profit" zone, it indicates that whales have taken some profits, as we saw during the last all-time high (ATH).
When the NUPL started to decline—along with the price action—most whales were accumulating again, increasing their holdings.
So far, we haven't seen any capitulation, as the NUPL hasn't entered the capitulation zone.
This demonstrates a degree of confidence in their long-term investments.
Written by Darkfost
