This chart compares the $BTC NUPL with the balance of new whales and old whales:
When analyzing the NUPL, two key areas can be identified in relation to each type of whale:
- A NUPL above 0.6 (blue signal), indicating a potential profit-taking opportunity.
- A NUPL below -0.3 (yellow signal), indicating a potential capitulation.
Currently, we can observe that, overall, old whales are holding, while new whales are buying aggressively.
At the same time, the NUPL is moving further away from the profit-taking zone.
Written by Darkfost
