CryptoQuant: The Bitcoin net unrealized profit metric suggests that the market may be approaching a short-term bottom

According to analysis by CryptoQuant, the Bitcoin Net Unrealized Profit (NUP) indicator has currently dropped to 0.476, falling below the key level of 0.5, which historically often marks the formation of a short-term market bottom.

The NUP indicator represents the total unrealized profits held by investors currently in profit, with higher values typically indicating stronger selling pressure. Analysts point out that the current indicator suggests that market selling pressure has significantly eased, and investors may be poised for a price rebound in the near term. Meanwhile, data shows that the number of Bitcoin accumulation addresses is reaching an all-time high, further supporting the view of a potential rebound.