TechFlow news, August 14 — CryptoQuant analyst posted that on-chain data shows Bitcoin's Net Unrealized Profit/Loss (NUPL) indicator is forming the third peak of this cycle. Compared to the single peak in 2017 and the double peaks in 2021, the current market exhibits a step-like fluctuation pattern. The analysis suggests this shift is primarily driven by continuous inflows of institutional capital such as U.S. ETFs. While market size, liquidity, and stability have improved, the magnitude of each upward move is gradually narrowing, indicating that future bull cycles may last longer but with reduced potential for sharp short-term rallies.
Add to Favorites
Share to Social Media
