BTC This is something most people still don’t seem to understand. This chart shows Bitcoin’s Net Unrealized Profit/Loss (NUPL), a metric used to track overall market sentiment and investor profitability. Historically, major bear market bottoms formed when the market entered the capitulation zone, where the majority of participants were sitting at a loss. Right now, however, BTC is still trading within the optimism / hope-fear region despite the recent correction. Even after a significant pullback from the highs, the broader market still hasn’t experienced the type of panic and unrealized losses we’ve typically seen during previous bear market bottoms. This doesn’t automatically mean a deeper correction has to happen. But from a historical perspective, current market conditions still look very different from what previous cycle bottoms looked like.(Max Trades)