Ethereum NUPL on Binance hits historical low of -0.35

Ethereum (ETH) on the Binance exchange has reached a historical low in its Net Unrealized Profit and Loss (NUPL) metric, hitting the -0.35 level. This indicator suggests that the net unrealized losses for the ETH supply on the exchange are approximately 35% of its current market value.

Historically, the -0.35 level has coincided with significant market bottoming phases, such as those seen in late 2019, March 2020, and during 2022. This metric often signals a period of capitulation where selling pressure reaches a saturation point as highly sensitive investors exit the market.

While this level indicates high financial stress, analysts note it does not guarantee an immediate price reversal. Previous market cycles show that reaching this zone can sometimes be followed by a secondary test of previous lows before a definitive bottom is established. Because the data is specific to Binance, it reflects the sentiment of assets on that exchange rather than the entire Ethereum ecosystem.