比特币网络利润率（NUPL）指标显示，随着巨额比特币持有者（鲸鱼）的抛售行为增加，可能存在市场被诱多的风险

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The Bitcoin NUPL metric is flashing a warning that traders probably don’t want to hear right now. Price action might look bullish on the surface, but underneath the hood the structure of the market is starting to look… shaky.

Here’s the situation. Supply distribution data shows the 1,000–10,000 BTC whale cohort shrinking, while the 100–1,000 BTC group is expanding. That’s not just a random shift. Historically, this kind of movement tends to signal a classic distribution phase where large institutional-scale holders quietly offload positions into a growing base of smaller buyers.

And right now, the likely buyers are the so-called “retail-plus” class riding the optimism around the BTC ETF narrative.

The rally might look healthy on the BTC/USD chart, but some of the biggest wallets appear to be using the strength as an exit ramp.

Whale Wallet Distribution Suggests Quiet Smart Money Exit

The change in supply distribution paints an interesting picture. Large holders appear to be reducing exposure, while mid-tier investors are stepping in to absorb the supply. It’s the kind of market structure that often forms when smart money distributes assets during strong sentiment phases.

ETF-driven demand has provided the perfect backdrop. Institutional inflows linked to the BTC ETF have kept prices resilient, creating a layer of liquidity that whales can sell into without immediately collapsing the market. In other words, the rally itself may be acting as cover for larger players stepping away.

But let’s be real, this only works as long as the buying pressure stays strong.

USDT Liquidity Crunch Raises Risk For Thin Market Moves

Now comes the second problem. Stablecoin liquidity on exchanges isn’t exactly thriving. USDT reserves remain stuck near $50.7 billion, while fresh depositing addresses have dropped to around 9,000, a cycle low.

That matters more than most people realize. Stablecoins function as the fuel for crypto trading. When fewer new deposits arrive, the pool of capital capable of supporting rallies becomes thinner. Combine that with thinning order books and the market suddenly becomes far more fragile.

In this environment, even moderate selling from large holders could trigger disproportionate price moves.

Bitcoin NUPL Indicates Capitulation Phase Still Hasn’t Arrived

Well, here’s the part that really complicates the narrative. The Bitcoin NUPL indicator, a widely followed sentiment gauge, still hasn’t entered the territory typically associated with true market bottoms. Historically, major cycle floors only appear once the metric dips below zero, signaling widespread unrealized losses and full investor capitulation.

That hasn’t happened. Instead, the metric shifted from the 0.5–0.75 “Belief/Greed” zone down toward the 0–0.25 “Hope/Fear” range earlier in the year before bouncing back into the 0.25–0.50 region.

Which means the market still contains a large pool of investors sitting on profits. And profitable investors tend to sell eventually.

So while the Bitcoin price chart still reflects resilience and the Bitcoin price prediction debate continues to lean optimistic in some corners, the combination of whale distribution, declining liquidity, and an unconfirmed capitulation phase suggests one uncomfortable possibility.

The current rally might not be a recovery at all but it could simply be a bull trap, with the Bitcoin NUPL quietly hinting the cycle reset isn’t finished yet.
source: https://www.tradingview.com/news/coinpedia:84b879a67094b:0-bitcoin-nupl-signals-possible-bull-trap-as-whale-distribution-grows/