If the data from this on-chain indicator are anything to go by, a bullish divergence could be forming between Bitcoin and Ethereum.
Bitcoin & Ethereum Net Realized Profit/Loss Has Turned Negative Recently
The data from the On-Chain Analytics firm Santiment, a trader average is currently moving BTC at a loss. The relevant indicator here is the “Net Realized Profit/Loss” (NRPL), which keeps track of the net amount of profit or loss that the investors are realizing through their selling currently.
This indicator looks at the history of the blockchain for each coin to determine its last price. If this previous selling price for any coin was less than the current spot price (that it is now being sold at), then that particular coin’s sale is realizing a profit.
Similarly, in the opposite case, the investor would be harvesting losses with the coin’s movement. The NRPL totals all profits and losses, and subtracts the difference.
When the metric’s value is positive, it means that the market as a whole is realizing a net amount of profit currently. On the contrary, negative values indicate that traders are selling their products at a loss.
Here is a chart to help you…
