Ethereum's Net Unrealized Profit and Loss, or NUPL (an on-chain sentiment metric), for holdings on Binance has dropped to about -0.35, a reading historically associated with major price bottoms in 2019, 2020, 2022, and 2025. The level implies around 35% of ETH held on the exchange is at an unrealized loss. In crypto market analysis, deeply negative NUPL readings can signal capitulation, when holders are underwater and selling pressure may be close to exhaustion, though the metric alone does not guarantee a reversal.