Bitcoin Bottom Signals Flash: Digital Gold Narrative Returns
Bitcoin has flashed two key signals to investors this week: its on-chain data suggests it may be forming a macro bottom, and its price behavior is increasingly echoing gold's role as a safe-haven asset.
The largest cryptocurrency's price stood at $63,362 recently, showing little change over the past 24 hours. Over the past week, Bitcoin has dropped nearly 2%, shedding nearly 50% of its value since notching a record high of $126,080 in October.
Analyst MorenoDV pointed to adjusted Net Unrealized Profit/Loss (NUPL) data for long-term holders as a key indicator. This cohort normally associated with the strongest conviction and lowest sensitivity to volatility is carrying greater unrealized stress than the market as a whole.
The current structure fits that pattern, according to MorenoDV, where long-term holder NUPL has crossed into negative territory and sits below the broader market average. Historically, this exact pattern, long-term holders hurting more than average, has shown up at every major cycle bottom.