Onchain Highlights DEFINITION: Entity-adjusted NUPL is an improved variant of Net Unrealized Profit/Loss (NUPL) that discards transactions between addresses of the same entity (“in-house” transactions). It only accounts for real economic activity and provides an improved market signal compared to its raw UTXO-based counterpart. Bitcoin’s Entity-Adjusted NUPL has been in a downtrend since mid-2024…
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