PANews August 14 news, CryptoQuant analyst Yonsei_dent stated that the NUPL (Net Unrealized Profit and Loss) indicator shows that when the value is above 0, most cryptocurrencies are in a profitable state, which may trigger profit-taking sell-offs.

Historically, the peaks of market cycles are usually accompanied by NUPL peaks. There was one peak in the market in 2017, two in 2021, and the current cycle may be forming a third peak. Unlike before, this round of market fluctuations is smoother, mainly influenced by the inflow of institutional funds like U.S. ETFs. Although the market is more stable, the magnitude of each increase is decreasing, indicating that the bull market may last longer, but the likelihood of a rapid surge in the short term is lower.