Bitcoin Adoption & NUPL-Z | The 401(k) Push Explained

Bitcoin’s market sentiment is at a critical point, and today we’re breaking it all down with beginner-friendly tools like the NUPL-Z chart and the Short-Term Holder Cost Basis. These on-chain indicators reveal whether investors are sitting on paper profits or losses, and how that shapes market tops and bottoms. Right now, the data shows we’re not in the “euphoria zone” yet, with strong support forming around $111K. That suggests the biggest move of this cycle could still be ahead. We’ll walk through exactly how to read these charts, why they matter, and what they’re signaling for Bitcoin’s next chapter.

But that’s not all. We’ll also cover fresh macro and adoption news shaking the crypto space: the latest US PMI flash report and what it means for inflation and Fed policy, lawmakers pushing to open the $12.5 trillion 401(k) market to Bitcoin, and a record 40% surge in crypto millionaires as the global market cap tops $3.3 trillion. Each of these stories connects back to Bitcoin’s cycle and long-term trajectory. By the end of this stream, you’ll have both the big-picture macro context and the on-chain signals to understand where Bitcoin really stands right now.