Bitcoin’s NUPL is still below peak levels, showing long-term holders haven’t maxed out profits despite new all-time highs.
From $60K to $118K, Bitcoin’s rise shows investor resilience, with NUPL trends suggesting more room for growth in this market cycle.
Regulatory support like the CLARITY Act and rising institutional interest could push Bitcoin beyond $118K and lift other cryptos too.
Bitcoin recently soared past $118,000, setting a new all-time higt. However, its Long-Term Holder Net Unrealized Profit and Loss (NUPL) metric remains at 0.69—still below the euphoria threshold of 0.75. Historically, during the previous bull cycle, NUPL stayed above 0.75 for over 200 days. This cycle has only recorded around 30 days above that line, suggesting more upside potential remains.
Source: Glassnode
Besides, since August 2024, long-term investors have weathered price dips and held firm. Back then, Bitcoin traded around $60,000 and NUPL hovered near 0.58. When prices dipped below $50,000 in September 2024, NUPL fell to 0.54. However, recovery followed. By November, NUPL surged to 0.74 as Bitcoin blasted past $80,000. In December, NUPL briefly touched 0.77 with Bitcoin nearing $100,000.
Market Resilience Despite Volatility
From January to March 2025, there were strong fluctuations. As Bitcoin bounced back toward $60,000, NUPL varied between 0.74 and 0.70. Long-term holders, however, maintained their confidence. NUPL steadied between 0.68 and 0.70 in April and May. As a result, Bitcoin discovered support close to $70,000. Bitcoin maintained its strength above $100,000 by July, while NUPL remained close to 0.68.
Additionally, this cycle’s performance reveals Bitcoin’s maturing behavior. More institutional players are entering the market. Companies like BlackRock are accumulating Bitcoin, further improving market stability and liquidity.
Regulatory Tailwinds and Future Outlook
Moreover, fresh optimism comes from legislative support. Cardano founder Charles Hoskinson believes Bitcoin could reach $250,000 within two years. Speaking at the “Bitcoin 2025” conference, he cited the CLARITY Act and the GENIUS Stablecoin Act. These proposals aim to regulate digital assets and stablecoins, laying a solid foundation for crypto adoption.
Hence, these regulatory steps could attract more institutions. Better clarity and guidelines often lead to increased capital inflow and market growth. Consequently, this benefits Bitcoin and altcoins like Cardano and Ethereum.
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