CryptoQuant: Net unrealized profit and loss indicator shows that the market may usher in the third profit peak

CryptoQuant analyst Yonsei_dent stated that the NUPL (net unrealized profit and loss) indicator shows that when readings exceed 0, most cryptocurrencies are profitable, potentially triggering profit-taking. Historically, market cycle peaks are often accompanied by NUPL peaks. The market experienced a peak in 2017, two in 2021, and the current cycle may be forming a third peak. Unlike previous cycles, this round of market fluctuations has been more stable, primarily driven by institutional inflows from US ETFs and other institutions. While the market is more stable, the magnitude of each rally is decreasing, suggesting a longer-lasting bull market, but less likely to experience a rapid surge in the short term.