In research published on Monday, onchain analytics platform CryptoQuant flagged an incoming profitability floor for the BTC supply. The onchain metric involved was Net Unrealized Profit/Loss (NUPL), which measures the portion of the supply being held at a higher or lower price versus that at which it last moved. Its score is currently 0.158, a level last seen in early 2023. “Smoothed into its 30 and 100-day exponential moving averages (EMAs), it becomes one of the cleanest cycle clocks on-chain,” contributor TheChessOnChain commented. An accompanying chart shows the 100-day EMA of NUPL slowly trending toward cycle ... (full story)