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In this bull market, US Spot ETF momentum has notably impacted price action, as seen through the Net Unrealized Profit & Loss (NUPL) metric. NUPL measures net paper profits (or losses) normalized by market cap.
When NUPL exceeds 0.5, it signals the Euphoria phase of a bull market. In the current cycle, NUPL surpassed 0.5 about 6.5 months before the halving, compared to 8.5 months in the 2020-21 cycle. This shift underscores the ETF's role in accelerating price action by introducing significant demand into the market.
When NUPL exceeds 0.5, it signals the Euphoria phase of a bull market. In the current cycle, NUPL surpassed 0.5 about 6.5 months before the halving, compared to 8.5 months in the 2020-21 cycle. This shift underscores the ETF's role in accelerating price action by introducing significant demand into the market.