TechFlow news: On November 20, CryptoQuant CEO Ki Young Ju posted on social media pointing out that the Net Unrealized Profit/Loss (NUPL) indicator for ETH/BTC has dropped to its lowest level in four years, similar to the bottom seen in early 2020. Despite Ethereum's underperformance relative to Bitcoin recently, ETH holders have still chosen to hold rather than cut losses.
Ki Young Ju stated that Ethereum's future development mainly depends on revenue generated by Web3 applications through stablecoins, but currently the ecosystem faces high leverage risk and is less attractive compared to Bitcoin in the short term. However, it may show greater long-term potential as regulatory clarity improves.
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