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The on-chain analytics firm Glassnode has revealed an Ethereum indicator that 
reliably flagged the price bottom in advance of the recent rally. Ethereum 
NUPL Fell Into Capitulation Zone Earlier In a new post on X, Glassnode has 
talked about an Ethereum indicator from its joint report with cryptocurrency 
exchange Coinbase. The metric in question is the &#8220;Net Unrealized Profit/Loss,&#8221; 
which measures, as its name suggests, the net amount of profit or loss that 
the investors of the asset as a whole are holding right now. Related Reading: 
XRP MVRV Ratio Flashes Signal That Last Led To 630% Surge The metric works by 
going through the transaction history of each coin on the network to see what 
price it was last moved at. If this previous transfer value was more than the 
current spot price for any token, then that particular token is assumed be in 
a state of net unrealized loss. Similarly, a coin with a cost basis below the 
latest price is considered in profit. The NUPL sums up the degree of 
profit/loss involved in both cases and calculates the difference between them. 
When the value of the indicator is positive, it means the investors as a whole 
are sitting in a state of net unrealized profit. On the other hand, it being 
under the zero mark implies the dominance of loss in the market. Now, here is 
the chart shared by the analytics firm that shows the trend in the Bitcoin 
NUPL over the past few years: As is visible in the above graph, the Ethereum 
NUPL observed a significant decline earlier in the year when the asset&#8217;s price 
plummeted. In this plunge, the indicator went down to around -0.2, which 
suggests investors dipped into a net state of loss. Not just that, the level 
of relative unrealized loss present on the network was notable enough for the 
sentiment to be flagged as &#8220;capitulation&#8221; under Glassnode&#8217;s methodology. 
Related Reading: Bitcoin Sees Influx Of New Capital: First-Time Buyers Add 
140,000 BTC Often, cryptocurrency markets move in the direction that the crowd 
least expects, so the presence of a high amount of loss can lead to a bottom. 
From the chart, this seems to be what occurred when the NUPL dropped into the 
capitulation zone. With the price surge that has followed since this low, 
sentiment among Ethereum investors has naturally marked an improvement. The 
NUPL may be to keep an eye on, however, as once the balance shifts 
overwhelmingly towards profit, another shift in the market could become 
probable: this one to a downtrend. ETH Price Ethereum has broken away from 
Bitcoin as its price has jumped by more than 20% over the past week, reaching 
the $3,600 level. Featured image from Dall-E, Glassnode.com, chart from 
TradingView.com

This Ethereum Metric Called The Bottom Ahead Of Rally, Says Analytics Firm

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approval to hold up to $250 million in digital assets. […]

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Bitcoiner Peter McCormack says the police &#8220;have failed&#8221; the town of Bedford 
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Is MARA mining, HODLing, or Banking? With 15% of its Bitcoin treasury out on 
loan, MARA Holdings is starting to look like a shadow bank. MARA Deploys 15% 
of Bitcoin Treasury in Lending Strategy The following guest post comes from 
Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, 
educational tools, and industry insights. […]

Is MARA Becoming a Shadow Bank Through Its Bitcoin Treasury Strategy?

Ethereum has extended its upward momentum this week, climbing over 20% in the 
past seven days and pushing past $3,600 for the first time in months. As of 
the time of writing, ETH trades at $3,617, marking a 5.4% increase within the 
past 24 hours. This rally has been drawing attention from analysts who are 
examining whether the price movement is being driven by sustainable investor 
demand or short-term speculative activity. Related Reading: Ethereum Shorts 
Are Getting Crushed: Could ETH Be Eyeing a New All-Time High? Ethereum Futures 
Market Leads, But Spot Demand Lags Behind Data from on-chain analytics firm 
CryptoQuant suggests the recent uptrend in Ethereum’s price is primarily 
fueled by the derivatives market. Contributor Avocado Onchain noted that while 
ETH continues to move higher, the underlying source of momentum appears to be 
leverage-heavy futures positions rather than sustained buying in the spot 
market. This distinction raises questions about the durability of the current 
rally and whether follow-through demand from spot buyers will emerge. Avocado 
further highlighted in his QuickTake analysis titled &#8220;Ethereum’s Rally Driven 
by Futures Market — Will Spot Demand Follow?&#8221; that the Ethereum Futures Volume 
Bubble Map is signaling an overheated state in specific zones, indicated by 
surging volumes. This increase in futures volume, marked by yellow circles on 
the map, has coincided with ETH’s price gains, implying leveraged positions 
are largely responsible for the rise. In contrast, the spot market data shows 
relative stability, with no equivalent spike in volume, suggesting that buying 
pressure from traditional investors has yet to catch up. The analyst also 
pointed out that Ethereum’s Open Interest (OI) in futures has reached new all- 
time highs, which strengthens the idea that the current movement is 
speculative in nature. The question moving forward, according to Avocado, is 
whether momentum from the derivatives market will eventually be matched by 
genuine spot market demand. If such demand materializes, it could contribute 
to broader altcoin market activity, he added. Institutional Interest and ETF 
Inflows In a separate insight, another CryptoQuant analyst, Crypto Dan, noted 
increasing signs of institutional participation in Ethereum accumulation. 
According to his analysis, ETH is trading at a premium on Coinbase, a platform 
frequently used by US-based institutions and large investors, indicating 
heightened buying interest from whales. The premium, described as rare in 
recent times, aligns with a broader trend of capital inflows into Ethereum- 
focused spot ETFs, which have recently reached record daily highs. Dan stated 
that while current metrics do not indicate overheating, investors should 
remain aware of potential risks should the strong upward activity repeat in 
the second half of 2025. Related Reading: Ethereum Road To $10,000: Replay Of 
May’s Playbook Predicts Another Breakout For now, however, the combination of 
rising institutional demand and growing ETF allocations may provide structural 
support for Ethereum, especially if the spot market begins to reinforce the 
momentum sparked in the futures space. Featured image created with DALL-E, 
Chart from TradingView