{"id":490983,"date":"2022-05-20T19:00:56","date_gmt":"2022-05-20T19:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=490983"},"modified":"2024-06-11T11:53:20","modified_gmt":"2024-06-11T11:53:20","slug":"bitcoin-nupl-lows-covid-crash-rebound-soon","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-nupl-lows-covid-crash-rebound-soon\/","title":{"rendered":"Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?"},"content":{"rendered":"<p>On-chain data shows the Bitcoin NUPL metric has now declined to lows not seen since the COVID-19 crash back in 2020.<\/p>\n<h2>Bitcoin Net Unrealized Profit And Loss Plunged Down Recently<\/h2>\n<p>As explained by an analyst in a CryptoQuant <a href=\"https:\/\/cryptoquant.com\/quicktake\/62869c4360c61e318397e735\" rel=\"nofollow\">post<\/a>, the NUPL past trend may suggest that current values could be favorable for a rebound in the crypto&#8217;s price.<\/p>\n<p>The &#8220;<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-nupl-bear-market-yet-hit-full-swing\/\">net unrealized profit and loss<\/a>,&#8221; or NUPL in brief, is an indicator that&#8217;s defined as the difference between the current Bitcoin market cap and its realized cap, divided by the market cap.<\/p>\n<p>The &#8220;realized cap&#8221; checks what price each coin on the chain was last moved at, and using these prices it calculates the crypto&#8217;s capitalization (while the normal market cap takes the sum of all coins&#8217; value at the current price).<\/p>\n<p>What this metric tells us is whether the BTC market participants as a whole are holding a profit or a loss at the moment.<\/p>\n<p>When the value of the ratio is above zero, it means the overall market is in profit currently. On the other hand, values less than zero imply holders are carrying a loss right now.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-selling-long-term-holder-sopr-up\/\">Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up<\/a>\u00a0<\/em><\/strong><\/p>\n<p>Naturally, the metric being exactly equal to zero suggests the investors as a whole are just breaking even currently.<\/p>\n<p>Now, here is a chart that shows the trend in the Bitcoin NUPL metric over the last few years:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/350454\/quicktake\/v92cEm_52b238c997a154e9ca5856325714f4915f2b63a5b381844586dbf0cd995a80ed.png?resize=1200%2C756&#038;ssl=1\" alt=\"Bitcoin Net Unrealized Profit\/Loss (NUPL)\" width=\"1200\" height=\"756\"><\/p>\n<pre style=\"text-align: center\">It seems like the value of the metric has touched into the green zone recently | Source: <a href=\"https:\/\/cryptoquant.com\/quicktake\/62869c4360c61e318397e735\" rel=\"nofollow\">CryptoQuant<\/a><\/pre>\n<p>As you can see in the above graph, the quant has marked the different zones of the Bitcoin NUPL indicator with different colors.<\/p>\n<p>It looks like the ratio has observed some decline recently, and its value has now plunged down into the &#8220;green&#8221; zone for the first time since the <a href=\"https:\/\/wncen.com\/etoro\/navigating-the-covid-19-market-turmoil\/\">COVID-19 crash<\/a>.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/more-stress-for-el-salvador-as-bitcoin-dips-to-28000\/\">More Stress For El Salvador As Bitcoin Dips To $29,000<\/a><\/em><\/strong><\/p>\n<p>In the history of the crypto, there have been multiple instances where shortly after the indicator has touched into this zone, the price has seen an upwards turn.<\/p>\n<p>However, there is also the example of 2018, where the Bitcoin NUPL kept moving sideways in the green zone for a long while, until finally the value of the coin observed a sharp plummet, taking the market into loss.<\/p>\n<p>It now remains to be seen whether this time the crypto will follow the pattern of a rebound, or if it will show a trend similar to that in 2018.<\/p>\n<h2>BTC Price<\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-reclaims-30k\/\">Bitcoin&#8217;s price<\/a> floats around $30.2k, down 1% in the past week.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-490995 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/chart-17.png?resize=460%2C240\" alt=\"Bitcoin Price Chart\" width=\"460\" height=\"240\"><\/p>\n<pre style=\"text-align: center\">Looks like the price of the crypto has been moving sideways around $30k recently | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<pre>Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>On-chain data shows the Bitcoin NUPL metric has now declined to lows not seen since the COVID-19 crash back in 2020. Bitcoin Net Unrealized Profit And Loss Plunged Down Recently As explained by an analyst in a CryptoQuant post, the NUPL past trend may suggest that current values could be favorable for a rebound in the crypto&#8217;s price. The &#8220;net unrealized profit and loss,&#8221; or NUPL in brief, is an indicator that&#8217;s defined as the difference between the current Bitcoin market cap and its realized cap, divided by the market cap. The &#8220;realized cap&#8221; checks what price each coin on the chain was last moved at, and using these prices it calculates the crypto&#8217;s capitalization (while the normal market cap takes the sum of all coins&#8217; value at the current price). What this metric tells us is whether the BTC market participants as a whole are holding a profit or a loss at the moment. When the value of the ratio is above zero, it means the overall market is in profit currently. On the other hand, values less than zero imply holders are carrying a loss right now. Related Reading |\u00a0Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up\u00a0 Naturally, the metric being exactly equal to zero suggests the investors as a whole are just breaking even currently. Now, here is a chart that shows the trend in the Bitcoin NUPL metric over the last few years: It seems like the value of the metric has touched into the green zone recently | Source: CryptoQuant As you can see in the above graph, the quant has marked the different zones of the Bitcoin NUPL indicator with different colors. It looks like the ratio has observed some decline recently, and its value has now plunged down into the &#8220;green&#8221; zone for the first time since the COVID-19 crash. Related Reading |\u00a0More Stress For El Salvador As Bitcoin Dips To $29,000 In the history of the crypto, there have been multiple instances where shortly after the indicator has touched into this zone, the price has seen an upwards turn. However, there is also the example of 2018, where the Bitcoin NUPL kept moving sideways in the green zone for a long while, until finally the value of the coin observed a sharp plummet, taking the market into loss. It now remains to be seen whether this time the crypto will follow the pattern of a rebound, or if it will show a trend similar to that in 2018. BTC Price At the time of writing, Bitcoin&#8217;s price floats around $30.2k, down 1% in the past week. Looks like the price of the crypto has been moving sideways around $30k recently | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":490996,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86011,84916,1119,1144],"class_list":["post-490983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-covid-crash","tag-bitcoin-nupl","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin NUPL metric has now declined to lows not seen since the COVID-19 crash back in 2020. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/keshavverma29\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29\"],\"url\":\"https:\/\/wncen.com\/author\/hououinkyouma29\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?","description":"On-chain data shows the Bitcoin NUPL metric has now declined to lows not seen since the COVID-19 crash back in 2020. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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