Since the inception of the Spot Bitcoin ETF trading in the U.S. on January 11th, there has been a notable surge in spot Bitcoin trading volume, exerting a positive influence on price momentum. Glassnode employs the Net Unrealized Profit and Loss (NUPL) metric to elucidate the impact of ETFs on investor behavior.

NUPL quantifies the net profit (or loss) on market holdings, normalized by market capitalization. According to Glassnode's data, NUPL has consistently exceeded 0.5 over the past seven months, indicating that the market is currently in a "typically exuberant phase of a bull market."