Ethereum’s NUPL stays positive, showing ETH holders are still in profit and less likely to sell their assets.
Ethereum (ETH) is maintaining a calm center in a restless market, with its Net Unrealized Profit/Loss (NUPL) metric currently sitting near 0.22.
The reading shows that investors are still sitting on moderate gains, even as recent price swings tug at sentiment, framing a market that has stepped back from exuberance without tipping into distress.
NUPL Points to Cooling Optimism but No Panic
The NUPL data, analyzed from Binance and reported by Arab Chain, shows a notable shift from earlier this year. The metric saw higher readings between June and August, reflecting stronger profitability during the market’s mid-year performance.
As prices pulled back from October, unrealized profits began to decrease, pushing the indicator toward more neutral ground. This movement indicates a transition from earlier optimism to a more pragmatic market view.
Critically, the NUPL has not dropped into negative territory, meaning the average Ethereum investor has not moved into an unrealized loss position.
Arab Chain’s analysts view this as a sign of underlying strength. Investors who remain in profit are typically less likely to sell hastily during price dips, which can provide a foundation of support and reduce the risk of a steep, cascading decline.
A Market Waiting for Direction
This balanced on-chain sentiment came soon after the successful activation of the Fusaka network upgrade. The upgrade, which aims to improve layer-1 performance and lower rollup costs, was a focal point for builders and appears to have coincided with increased network activity, including a record daily gas usage.
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Price data reflects this positive momentum. Ethereum is currently changing hands around $3,200, marking a rise of roughly 4.6% over the past 24 hours and nearly 6% over the last week.
However, a broader view shows ETH remains approximately 35% below its all-time high set in August and is still down about 4.5% for the year.
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