Gold Finance Report, CryptoQuant CEO Ki Young Ju stated on platform X that the ETH/BTC NUPL has reached a four-year low. Although Ethereum has underperformed against Bitcoin, ETH holders are experiencing losses without realizing it, similar to the lows at the beginning of 2020. 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 unrealized profits and losses of all held assets in the market.