PANews reported on November 20 that CryptoQuant CEO Ki Young Ju said on social media that the net unrealized profit and loss (NUPL) indicator of ETH/BTC has dropped to the lowest level in four years. This shows that although Ethereum has performed worse than Bitcoin recently, ETH holders still choose to hold the currency and do not sell at a loss. This indicator level is similar to the bottom in early 2020, which may provide opportunities for investors who are bullish on ETH in the long term.
At the same time, he pointed out that the future development of Ethereum depends largely on the income generated by Web3 applications through stablecoins. However, the Ethereum ecosystem is still facing high leverage risks and is less attractive than Bitcoin in the short term (within 1 year), but as the regulation becomes clearer, it may show more potential in the long term.
