The post Bitcoin NUPL Surpasses 365-Day Average, Signaling Market Recovery appeared on BitcoinEthereumNews.com.

Bitcoin’s Net Unrealized Profit and Loss (NUPL) provides a bullish indicator, climbing above the 365-day average. Institutional inflows into Bitcoin continue to rise, signaling increased market confidence. An expert from CryptoQuant highlights how NUPL metrics can provide insight into market trends and investor profitability. Understand the latest trends in Bitcoin as on-chain metrics and institutional confidence point toward a bullish market trajectory. Bitcoin’s NUPL Signals Market Uptrend The Bitcoin market is showing signs of recovery after a period of diminished sentiment, partly influenced by significant sales from German assets and repayments from Mt. Gox creditors. One of the key indicators, Bitcoin’s Net Unrealized Profit and Loss (NUPL), has risen above its 365-day average, signaling a potential bullish turn. Over the past six months, Bitcoin’s price fluctuations have led to increased positive projections based on current on-chain analytics. Expert Insights on NUPL Indicator According to data from the on-chain analytics firm CryptoQuant, Bitcoin’s NUPL is currently showing an upward trend amid ongoing market fluctuations. The NUPL measures the disparity between Bitcoin’s market cap and realized cap, and when it exceeds the 365-day moving average, it suggests an upward momentum. An analyst from CryptoQuant emphasized that this metric can offer insights into investor profitability and potentially indicate the end of a bullish phase. They noted, “A score above 0 shows investors are realizing profits, while a score below could indicate an investment opportunity due to lower prices.” Institutional Inflows and Macro Factors Recent macroeconomic developments, including the approval of spot Bitcoin ETFs and notable institutional inflows, have propelled Bitcoin to new heights, with the asset reaching an all-time high above $73,000. Institutional investments in Bitcoin funds now exceed $50 billion, further underscoring the growing confidence in the asset. Policy analysts suggest that macroeconomic factors, such as anticipated interest rate cuts by the…

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Filed under: News - @ July 14, 2024 3:08 am