ETH re-enters range seen at past major market bottoms

On-chain analyst Julio Moreno said ETH’s NUPL, or net unrealized profit/loss, on Binance fell to -0.35, re-entering a range previously seen around major market bottoms. Moreno explained the indicator shows the unrealized profit-and-loss status of held assets, adding the latest reading is based on Binance-held ETH rather than total ETH supply. A reading of -0.35 means those holdings are carrying net unrealized losses of about 35% relative to market value, Moreno said. Similar levels were also seen in late 2019, March 2020, the 2022 bottoming process and the 2025 correction phase, Moreno added, noting those periods also shared a pattern in which mounting losses pushed weaker investors out of the market and substantially exhausted selling pressure.