🚨$DASH this chart is telling a very specific story
First, the brutal part: a clean, structured dump. Lower highs, lower lows, no mercy. Weak hands got rinsed, momentum traders left, volume dried up
Then comes the phase most people hate and ignore - accumulation
Price stops trending down, volatility collapses, candles get compressed. No excitement, no narratives, just time passing. That’s usually where positioning quietly shifts from sellers to stronger hands
Now look at where price is sitting:
– Downtrend momentum is gone
– Range is tight and flat
– Selling pressure keeps failing to push lower
That’s not strength yet, but it is exhaustion
Markets don’t reverse when everyone is bullish.
They reverse when nobody cares anymore and downside stops working
If this base holds and price steps out of the range, the structure flips fast:
from accumulation → expansion → trend
Not a call. Just a reminder:
big moves usually start when charts look boring, not impressive
$DASH
{spot}(DASHUSDT)
📉 Unrealized profits of whales are melting away with this correction.
In this first chart, we’re looking at the NUPL of big whales, meaning addresses holding more than 1,000 BTC.
💡 NUPL is a simple ratio used to assess latent losses and profits.
When it’s high, unrealized profits dominate.
When it’s low, losses dominate.
Today, the NUPL for this whale cohort has just dropped below 0.2, a level shown in yellow that historically has only been observed once the bear market is already well advanced.
This means that this cohort is now sitting on almost zero unrealized profits.
🔴 Historically, at bear market bottoms, these whales eventually ended up holding mostly unrealized losses, which is not yet the case today.
That’s something to be cautious about, because seeing these large players under pressure can trigger capitulation, potentially dragging BTC and the NUPL even lower.
We can already observe this over the past few days, especially among the youngest whales.
These whales are currently realizing losses, and on some days those losses have been very significant.
Some example :
– Feb 5: $750M in realized losses
– Feb 7: $900M
– Feb 3: almost $1B
👉 So we need to be wary of this whale capitulation phase, which represents a current source of selling pressure.
There's only been 28 trading days this year and ETFs have already pulled in about $250b. More than double any other start to a year. Up until 2020, $250b was what they averaged for a YEAR. That's $9b/day pace, or $2.2T ann. VOO, VTI unstoppable, but one big change tho: EM has replaced gold as the Flavor of the Month trade. Also, much less cash ETFs on leaderboard = people looking for more risk on inv opp eg XLE, RSP