🤔

#BTC CryptoRank: The change in profit patterns suggests a slower and longer bull market

The NUPL metric, which reflects the proportion of unrealized profits among holders, is now forming the third peak of the cycle. Unlike previous years, growth has adopted a "staggered" pattern, largely driven by institutional inflows. However, each wave has brought a progressively smaller percentage of profits.

This dynamic may limit the potential for sharp rebounds, although it could allow the bull market to last longer.