Ethereum on Binance Shows Deepest Loss Zone in 9 Months

Ethereum’s NUPL on Binance has fallen to its lowest level in nine months, signaling that a large share of ETH held on the exchange is now sitting in unrealized losses.

With Ethereum trading near $1,970 and the NUPL reading around -0.1689, the data points to a meaningful shift in exchange-level sentiment.

This metric does not reflect the entire Ethereum network. Instead, it focuses specifically on Binance reserves, making it a targeted gauge of positioning on the most liquid trading venue.

What a Negative NUPL Reading Means

NUPL (Net Unrealized Profit/Loss) measures whether coins held on an exchange are in profit or loss relative to their acquisition price.

A negative value, such as the current -0.1689, means a significant portion of Ethereum on Binance is being held at a loss. Historically, when exchange-held supply moves into unrealized loss territory, selling pressure often declines. Traders are typically less inclined to liquidate positions when doing so would lock in losses.

This does not eliminate volatility, but it shifts the psychological balance.

Back to Levels Last Seen in May 2025

The last time Binance’s Ethereum NUPL reached similarly negative territory was around May 2025. That period coincided with a sharp market correction and broad weakness across digital assets.

Since then, the indicator has mostly hovered near zero or in positive territory, reflecting phases where exchange-held ETH was broadly in profit. The current drop therefore represents one of the weakest exchange-level sentiment readings in approximately nine months.

Not a Bottom Signal But a Sensitive Zone

A deeply negative NUPL does not confirm that Ethereum has reached a price bottom. It does, however, suggest that Binance-based holders are under stress.

Historically, such zones have often aligned with accumulation phases rather than aggressive distribution. When large portions of supply sit in unrealized losses, the incentive to sell into weakness typically declines.

With Ethereum trading near $1,970 and Binance NUPL near -0.1689, the exchange appears to be entering a psychologically compressed phase. Whether this evolves into stabilization or further downside will depend on broader liquidity and momentum, but structurally, Binance-held ETH is now positioned in one of its lowest sentiment zones since last May.

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