NUPL (Net Unrealized Profit/Loss) Index in the current cycle
Historically, the peak of the market cycle often coincides with the peak of NUPL. In the 2017 cycle, NUPL reached a peak, while in the 2021 cycle, it formed two peaks.
In the current cycle, NUPL seems to be attempting to create a third peak. Unlike previous cycles, the market is fluctuating with many small waves.
Although the scale, liquidity, and stability of the market have improved, the percentage growth rate in each bullish phase is gradually decreasing.
Additionally, this model indicates that the uptrend may last longer, but the possibility of strong short-term waves occurring will be more limited.
