1. Bitcoin’s public ledger allows us to see whether holders of $BTC bought below or above the current price.
2. NUPL shows us what percentage of holders of $BTC are in profit or loss – an invaluable indicator of market sentiment
3. To see this in action, let’s look at the last 3 months.
4. Over the last three months, NUPL has peaked at around 0.53. So for about 53% of Bitcoin holders, the price of $BTC was higher than their purchase price that day.
5. In early February, only about 48% of BTC holders made a profit.
6. Be sure to set an alert to be notified when more holders make a profit, selling pressure increases, and market sentiment changes.
