BlockBeats news, on October 6, on-chain data analyst Murphy stated that when analyzing the unrealized PNL ratio (UPUL) of Bitcoin on the chain, normally, the higher the price, the larger the UP, and the UPUL would also be larger. However, the current situation is that with higher prices, the UPUL is actually lower, indicating that the market's rise is increasingly dependent on the continuous inflow of new funds, rather than the holding confidence of existing chips. Therefore, it is necessary to focus on the net inflow of ETFs and the size of the Spot exposure. Once the inflow slows down, the short-term surge will be limited. Swing traders have started to take profits in batches, which is reasonable. At the same time, there have been no obvious signs of a bear market in the bull run cycle so far.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
英国投资者警惕：Strategy高收益比特币股票或触发双重税负
Strategy Inc.于2026年3月30日推出的浮动利率优先股STRC，年化回报约11.5%。英国投资者面临高额税务成本，可能影响实际收益。相对而言，21Shares的Strategy Yield ETP可避免即时税负。使用ISA账户的投资者税收影响较小。投资者需关注税务规则及产品结构，以免增加不必要的成本。
GateNews1m ago
Bought High, Sold Lower: Nakamoto Trims Bitcoin Holdings as Prices Slide
Bitcoin treasury firm Nakamoto reduced part of its Bitcoin holdings during the first quarter of the year, after selling approximately 284 BTC in March for about $20 million, as per the Form 10-K it filed on March 30.
This implies an average sale price of roughly $70,422 per coin.
Bought High,
CryptoPotato5m ago
Nakamoto sells $20 million worth of Bitcoin, takes a big loss
Nakamoto Inc. sold $20 million worth of Bitcoin in March at a loss, facing a $166.2 million asset impairment in 2025. Despite holding 1,625 BTC, the company reported a net loss of $52.2 million, raising doubts about its accumulation strategy's effectiveness. The firm is restructuring to refocus on core businesses after recent acquisitions, while its stock price continues to decline amidst market skepticism.
TapChiBitcoin6m ago
A U.S. senator introduces the “U.S. Mining Act,” pushing for Bitcoin mining to move back home and establishing a strategic reserve
U.S. Senators Bill Cassidy and Cynthia Lummis introduced the “American Mining Act,” aiming to bring Bitcoin mining back to the United States, establish an “American Mining” certification program, strengthen the mining industry’s infrastructure, promote domestic manufacturing of green mining hardware, and incorporate strategic Bitcoin reserves into the legal framework. This marks an important shift in the United States’ digital asset strategy and is expected to spur domestic investment and technological innovation.
GateNews11m ago
