[Analysis] "Bitcoin, long-term holders' NUPL rebounds compared to September… trend turns upward"

Bitcoin has been analyzed to have shifted to an upward trend after a third-quarter correction on on-chain data.

On the 6th (local time), CryptoQuant author Arab Chain said, "The long-term holders' NUPL (Net Unrealized Profit/Loss) indicator for Bitcoin (BTC) recorded 0.0728, entering approximately a 7.3% unrealized profit zone. This is a rebound from the negative area at the end of September and suggests that Bitcoin's price has returned to an upward trend after the third-quarter correction."

He added, "The current Realized Price is approximately $114,582, and the spot price is $123,577, so the market price is about $9,000 above the realized price. This indicates the market has entered a stable upward phase. If the market price remains above the realized price, the medium-term uptrend will continue. In particular, if the long-term holders' NUPL surpasses 0.10, it would confirm entry into a structural expansion phase, and if trading continues above $120,000, institutional buying pressure is likely to noticeably strengthen."