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Analysis: Focus on ETF Net Inflows and Spot Exposure Size
Summary: According to on-chain data analyst Murphy, analyzing the unrealized profit and loss ratio (UPUL) on the Bitcoin chain, typically, the higher the price, the larger the UP, and the UPUL will also be larger. However, the current situation shows that despite the higher price, UPUL is lower, indicating that the market's rise increasingly relies on ...
According to on-chain data analyst Murphy, analyzing the unrealized profit and loss ratio (UPUL) on the Bitcoin chain, typically, the higher the price, the larger the UP, and the UPUL will also be larger. However, the current situation shows that despite the higher price, UPUL is lower, indicating that the market's rise increasingly relies on continuous inflow of new funds rather than the confidence of existing chip holders. Therefore, it is crucial to focus on ETF net inflows and the size of spot exposure. Once inflows slow down, short-term highs will be limited. Swing traders are starting to take profits in batches, which is reasonable. At the same time, there have been no clear signs of a bearish trend in the bull market cycle so far.
