Bitcoin's Six-Week Stagnation: Analysts Diverge on Market Bottom

Bitcoin's price has been underwater for six weeks, a sign of broad market stress. According to on-chain data, active holders have remained in aggregate unrealized losses since early June.

The Adjusted Net Unrealized Profit/Loss (NUPL) metric, which measures whether active Bitcoin holders are sitting on aggregate unrealized profits or losses, has been negative for over a month. It hit its low of -0.22 on June 30, when the price was near its local bottom.

Analyst Axel Adler Jr. noted that all three readings, short-term, long-term, and aggregate, had tightened into a narrow band around -0.13 by mid-July, leaving all holders in the red.