Bitcoin Believers in Profits As Market Enters ‘Belief’ Phase!
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The Bitcoin market is currently experiencing a strong ‘Belief’ phase, indicated by a Net Unrealized Profit and Loss (NUPL) value of 0.55095269. This metric reflects the gap between the market cap and the realized cap divided by the market cap. It reveals a significant group of investors are holding onto Bitcoin with substantial unrealized profits. Despite a slight 0.67% drop in the last 24 hours, the sentiment remains bullish. As the Bitcoin price has increased by 1.39% in 24 hours and is heading to surpass $65K, the belief phase could soon evolve into greed (NUPL value>0.75).
