Ethereum's NUPL Hits Historic Bottoming Zone

Ethereum's exchange-level Net Unrealized Profit and Loss reading on Binance has slipped into a historic bottoming zone, currently sitting near negative 0.35.

This level has appeared during several notable market bottoms in Ethereum's history, including the 2019 lows, the March 2020 crash, and both 2022 bottoming phases.

The NUPL metric measures the gap between unrealized profits and losses held by a given supply cohort. A negative reading means that the cohort holds an aggregate paper loss, which in this case is equal to roughly 35% of its current market value.

Cryptoquant Analyst @MorenoDV_ noted that 'Ethereum's exchange-level NUPL on Binance has returned to a region that has historically appeared near important price floors.'