Bitcoin Holders Are Profitable, Yet Market Not Euphoric
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jan 01 2026- Profitability Status: According to a CryptoQuant report, Bitcoin's adjusted Net Unrealized Profit/Loss (aNUPL) metric indicates that most active market participants are currently in profit, suggesting a healthy market that has not yet entered euphoric conditions.
- Cautious Sentiment: While the aNUPL remains positive, reflecting unrealized gains for active holders, market sentiment is still hovering between the Optimism-Anxiety and Belief-Denial bands, indicating it has not reached the excessive optimism typical of historical peaks.
- Stable Market Structure: The current market shows an upward trend while digesting prior gains, with CryptoQuant noting that periodic pullbacks help reset sentiment without pushing aNUPL into negative territory, demonstrating sustained holder conviction.
- Future Risk Assessment: Although current profit levels do not indicate overheating, potential downside risks could increase if aNUPL decisively rolls over and sentiment shifts towards fear-driven distribution, suggesting the market must remain vigilant.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
