📊Using the unrealized profit/loss indicator, we can identify the classic euphoria phase of a bull market where unrealized profits exceed more than half the size of the market capitalization (NUPL > 0.5).

During the 2020-21 cycle, this phase was triggered 8.5 months after the Bitcoin halving and saw a sustained rise for almost 10.5 months thereafter.

🚨However, during this cycle, NUPL exceeded 0.5 approximately 6.5 months before the halving. This distinct change highlights the importance of US ETFs in accelerating price action by introducing strong demand to the market.🇺🇸