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In what could be a sign of the crypto market reaching the local bottom for Bitcoin (BTC) and Ethereum (ETH), the Net Unrealized Profit or Loss (NUPL) metric for the top two cryptocurrencies is showing a historical trend. In terms of trader sentiment, the euphoria around the spot Bitcoin ETF filings is starting to fade out, reflecting the same in the asset prices.
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On-Chain Data Shows Dip In Bitcoin Relative Unrealized Profit
According to latest dat from Glassnode, the BTC Relative Unrealized Profit has reached a five month low of 0.402 at the current price level. This means more and more traders are making losses and this is often a sign that the asset price is nearing the bottom. The current BTC price level still represents a significant improvement from the beginning of the year 2023, when the top cryptocurrency was trading at below $20,000.
Similarly, the number of addresses in profit based on 7 day moving average is at a 5-month low, reflecting signs of ETH price nearing the bottom. Earlier, CoinGape reported that the range between $1700 and $1577 is crucial for the next break or make move. A breakout from the $1700 range could likely result in a bullish move for Ethereum price.
What Next For BTC Price Moves?
While the crypto market has recently been subjected to a prolonged sideways movement in Bitcoin price around the $30,000 level, it was going hand in hand with the spot Bitcoin ETF filing related developments. In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to deliver updates on several spot ETF filings including from Blackrock. However, it could most likely be the case that the SEC officials will pass off the first deadlines without much progress.
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