Axel Adler Jr.: Bitcoin NUPL remains negative for six consecutive weeks, selling pressure has eased but not reversed

CryptoQuant analyst Axel Adler Jr. pointed out that Bitcoin’s adjusted Net Unrealized Profit/Loss (NUPL) has remained in negative territory for six consecutive weeks, currently close to -0.13. NUPL readings for the overall market, long-term holders, and short-term holders have all converged around -0.13. The depth of losses has narrowed compared to the low in June, but none have returned to break-even. Axel Adler Jr. stated that the simultaneous narrowing of losses points to easing panic-selling pressure, but it does not yet constitute a full reversal.