BlockBeats news, on October 6, on-chain data analyst Murphy stated that when analyzing the unrealized PNL ratio (UPUL) of Bitcoin on the chain, normally, the higher the price, the larger the UP, and the UPUL would also be larger. However, the current situation is that with higher prices, the UPUL is actually lower, indicating that the market's rise is increasingly dependent on the continuous inflow of new funds, rather than the holding confidence of existing chips. Therefore, it is necessary to focus on the net inflow of ETFs and the size of the Spot exposure. Once the inflow slows down, the short-term surge will be limited. Swing traders have started to take profits in batches, which is reasonable. At the same time, there have been no obvious signs of a bear market in the bull run cycle so far.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
The whale "pension-usdt.eth" has reduced its BTC short position to 705 coins, with a current unrealized profit of $100,000.
Gate News Report, March 7 — According to HyperInsight monitoring, the whale address "pension-usdt.eth" has been continuously reducing its BTC short positions over the past 30 minutes. Currently, this address is short 705 BTC with 3x leverage, with an average entry price of $68,182.7, and a current unrealized profit of $100,000.
GateNews11m ago
Was $74K a bull trap? Bitcoin traders diverge on 2022 crash replay
Bitcoin (CRYPTO: BTC) cooled after marching toward a fresh high near $74,000 earlier in the week, setting up a critical debate among traders about whether the rally marks a local top or the next leg in a larger bullish sequence. The pullback comes as market participants weigh whether the current
CryptoBreaking15m ago
