Since early 2023, a widening gap between Bitcoin’s spot price and the actual price paid by miners has been observed. This trend suggests enhanced profitability for miners, pointing to a more lucrative mining environment as Bitcoin prices climb. One key indicator to watch is the Net Unrealized Profit/Loss (NUPL) metric, currently at 0.47, which is approaching the significant threshold of 0.5. A break above this level could signal increased confidence amongst miners and historically, such breaks have been followed by heightened market volatility and shifts in investor sentiment. While bullish momentum may be supported by these growing profit margins, a sudden shift in expectations could also trigger more price fluctuations.