Fidelity: Bitcoin, Ethereum, and Solana at Historical Lows in Net Unrealized Gains

Fidelity Digital Assets has released its Q3 Signal Report, which reveals that Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are all at historical lows in terms of net unrealized gains and losses. According to the report, the weighted net unrealized profit and loss (NUPL) is -0.01, indicating a bearish market sentiment.

BTC is the only asset with a positive unrealized profit, approximately 10% above its cost basis, with an unrealized profit of about $108 billion. In contrast, ETH and SOL are approximately 30% and 41% below their cost bases, with unrealized losses of about $87 billion and $29 billion, respectively.

The report states that the current NUPL readings for the three assets correspond to one-year median returns of 53%, 70%, and 542%, respectively. However, it's worth noting that the reliability of these samples decreases sequentially, particularly for Solana (SOL), which has only occurred 21 times in history.

On a fundamental level, stablecoin transfers have reached new highs for both ETH and SOL, exceeding $20 trillion and $2.6 trillion over the past 12 months. However, network fee revenue continues to decline.