Bitcoin Bottom Signal? NRPL and NUPL Data Point to a Slow Recovery Phase

On-chain metrics (NRPL and NUPL) indicate Bitcoin has likely passed the panic-selling phase and is entering a slow, tentative recovery rather than a confirmed bull market. NRPL has moved out of deeply negative territory, signaling that realized selling and aggressive capitulation have largely subsided. NUPL sits in the 0.25–0.30 range — well below 2025 highs above 0.5 — reflecting that most holders remain in unrealized profit but lack strong conviction to aggressively buy dips. The market is therefore experiencing repeated resistance as investors sell into rallies, producing restrained upside momentum and a gradual recovery trajectory.