The bottom is in!

Well, sorta.

It’s actually still forming, and according to NUPL (Net Unrealized Profit/Loss), Bitcoin is currently sitting around 0.158.

That puts it inside the fear zone, meaning most of the profit from the bull market has already been erased. Feelgoodman.

However, the market still hasn’t reached full capitulation.

NUPL is still above zero, while the 30-day NUPL EMA is sitting around 0.155 and the 100-day EMA is closer to 0.215.

The shorter average crossed below the longer one on June 2, which basically shows that holder profitability and market momentum are still weakening.

So yeah, Bitcoin holders are hurting, but we still haven’t reached the same level of pain seen during previous full bear-market washouts.

I personally think $58K could’ve been the bottom, but historically, another capitulation move wouldn’t be unusual, and I’ve got my hopes up right now.

Either way, I think the best thing to do is stay realistic and stay safe.

https://x.com/stacy_muur/status/2075993274750579001