Axel Adler Jr.: Bitcoin NUPL has been negative for six consecutive weeks, easing market selling pressure but not reversing

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