Deep Tide TechFlow News, on August 14, CryptoQuant analysts reported that on-chain data shows the Bitcoin Net Unrealized Profit/Loss (NUPL) indicator is forming the third peak of this cycle. Compared to the single peak cycle in 2017 and the double peak cycle in 2021, the current market exhibits a stepped fluctuation characteristic. Analysis suggests that this change is mainly driven by the continuous inflow of institutional funds such as US ETFs. Although the market size, liquidity, and stability have improved, the magnitude of single increases is gradually narrowing, indicating that the future bull market cycle may be extended, but the likelihood of sharp increases in the short term will decrease.