Ethereum Exchange NUPL Dives to -0.35, Historically a Bottoming Zone

Ethereum's exchange-level Net Unrealized Profit and Loss reading on Binance has slipped into a historic bottoming zone.

The metric, known as NUPL, now sits near negative 0.35, a level that appeared during the 2019 lows, the March 2020 crash, and both 2022 bottoming phases.

This particular calculation covers only ETH held on Binance rather than the full Ethereum holder base.

Ethereum traded at $1,866.93 at the time of writing, down 3.01% over the past 24 hours despite a 0.38% gain across the week.