The Bitcoin market may face a downturn following the anticipated halving event, fueled by a decrease in inflows to spot Bitcoin exchange-traded funds (ETFs) and a high volume of unrealized gains among traders, which could heighten bearish tendencies on Bitcoin’s value. Julio Moreno, CryptoQuant’s head of research, highlighted that the selling pressure on Bitcoin is intensifying due to the profits not yet realized from its recent upsurge. He warned that a forthcoming decline in spot Bitcoin ETF contributions could exacerbate this situation, adversely affecting Bitcoin prices. Supporting Moreno’s viewpoint is the CryptoQuant’s net unrealized profit and loss (NUPL) indicator. A
