$Bitcoin NUPL (Net Unrealized Profit/Loss)

From 2011 to 2025, the same pattern always repeats:
Capitulation → Hope → Optimism → Belief → Euphoria → Crash → Repeat.

Every time NUPL enters the red zone (Euphoria/Greed), the market only needs 1 trigger to return to reality.

Every time you go down to the capitulation zone, it always becomes the best opportunity in every cycle.

Interesting:
Currently, BTC is in the Belief/Denial area, a phase where people start to believe "this will keep going up"... whereas historically this is the phase most prone to missteps.

Cycle doesn’t lie.
The market just repeats human psychology. 🟩➡️🟥