Blockchain analytics platform XWIN Research Japan shares that Bitcoin’s NPRL 
has returned to a neutral zone following a period of significant volatility. 
This development represents one of many positives following Bitcoin&#8217;s modest 
price gain over the last week. Related Reading: Newbie Bitcoin Whales 
Capitulating, But Old Hands Stay Silent NPRL Shows Balanced Market, New Trend 
Forms On Horizon The Net Realized Profit and Loss (NRPL) is an on-chain metric 
that measures the total profit or loss that Bitcoin holders realize when they 
sell their coins at a given price. A positive NRPL suggests more BTC are being 
sold at a profit rather than at a loss, i.e., market participants are 
realizing gains, while a negative NRPL means more BTC are being sold at a loss 
than at a profit. According to analysts at XWIN Research Japan, Bitcoin’s NPRL 
registered significant positive and negative deviations between November 22 
and 24. However, the metric has stabilized in its neutral zone since November 
25, as Bitcoin achieved a sustained market recovery. At near-zero NRPL, 
realized gains and losses are roughly balanced, suggesting market indecision 
or consolidation. This period usually comes after periods of market 
capitulation, marking a transition from a volatile phase to a calmer market 
environment. As earlier stated, the stabilization of NRPL aligns with 
Bitcoin’s price action, which has recently risen to steady around the $90,000 
range. The lack of significant upward or downward pressure suggests that the 
market is digesting recent volatility and building a foundation for future 
movements. Analysts at XWIN state similar NRPL neutralization from the past 
phases has preceded the emergence of new trends, indicating BTC price may be 
consolidating for a new direction. Related Reading: Bitcoin To Hit $1.5M? 
Cathie Wood Says It’s Only A Matter Of Time What Next For Bitcoin? Looking 
ahead, XWIN Research Japan states the critical factor will be whether NRPL 
maintains its position above the zero line or slips back into negative 
territory. A sustained positive NRPL would indicate improving demand and 
healthier inflows, potentially supporting a stronger recovery. Conversely, a 
return to negative NRPL could signal renewed weakness and the potential for 
another round of selling pressure. In summary, the recent pattern, from deep 
negative swings to positive spikes, followed by convergence near zero, 
demonstrates that the market’s internal structure has largely reset and has 
completed its clearing phase for a new price trend to emerge. At the time of 
writing, Bitcoin trades at $90,485 after a minor 0.65% loss in the last 24 
hours. Meanwhile, its daily trading volume is up by 14.06% and valued at 
$57.04 billion. Featured image from Pngtree, chart from Tradingview

Bitcoin NPRL Returns To Neutral As Market Sits In Equilibrium – What This Means For Price

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The potential collapse of most L1s could consolidate market focus and 
investment on Ethereum and Solana, impacting blockchain innovation.
The post Arthur Hayes says most L1s outside Ethereum and Solana are headed to 
zero appeared first on Crypto Briefing.

Arthur Hayes says most L1s outside Ethereum and Solana are headed to zero

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