The current #NUPL value of 0.29 is positioned towards the lower range of the equilibrium phase, a zone that has been observed during 37.5% of all #Bitcoin trading days. This particular zone was initially reached in early #March 2023 and remained consistent for approximately 16 months in the previous two #cycles.

#NUPL breaking below 0.25 would indicate that market profitability has declined back into the #Capitulation and Recovery phase, and may suggest weakness.

This Chart Shows the #Profit or #Loss Bias (dominance) of #STH volumes flowing into exchanges. We can see a steady decline in profit dominance as the 2023 rally progressed, as more #STHs acquired coins with an increasingly elevated cost basis.

This week we saw the largest loss dominance reading since the #March sell-off to $19,800. This suggests that the STH cohort are both largely underwater on their holdings, and increasingly price sensitive.