CryptoQuant CEO Ki Young Ju said on the X platform that ETH/BTC NUPL hit a four-year low. Despite Ethereum's poor performance relative to Bitcoin, ETH holders are taking losses without realizing it, similar to the lows in early 2020. NUPL (Net Unrealized Profit/Loss) is a measure of market sentiment and unrealized profits and losses for cryptocurrency holders. The overall state of the market is reflected by calculating the net value of unrealized profits and losses for all assets held in the market.