The weighted NUPL score is designed to reflect aggregate unrealized profitability across a market-cap-weighted digital asset portfolio. The current weighted reading is largely supported by BTC due to its significant market cap. This indicates unrealized profits are concentrated in BTC, with losses still prevailing elsewhere. In short, unrealized profitability remains narrow. The weighted score is largely supported by a single, systemically large asset rather than broad-based participation across the digital asset market. For investors, this suggests a market still in a repair phase rather than a late cycle profit ... (full story)