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NUPL helps identify the Euphoria phase in a bull market when unrealized profits exceed half the market capitalization (NUPL > 0.5).
In the previous cycle (2020-21), this phase occurred 8.5 months after the #Bitcoin halving and lasted for about 10.5 months.
But in this cycle, NUPL crossed 0.5 around 6.5 months before the halving, indicating a notable change. The introduction of US ETFs played a significant role, accelerating price action and shaping market dynamics.
In the previous cycle (2020-21), this phase occurred 8.5 months after the #Bitcoin halving and lasted for about 10.5 months.
But in this cycle, NUPL crossed 0.5 around 6.5 months before the halving, indicating a notable change. The introduction of US ETFs played a significant role, accelerating price action and shaping market dynamics.