Changing Profit Patterns Hint at a Slower, Longer Bull Market The NUPL metric, which reflects the share of unrealized profits among holders, is now forming the third peak of the cycle. Unlike previous years, the growth has taken on a “stepwise” pattern, largely driven by institutional inflows. However, each wave has delivered a progressively smaller percentage of profit. This dynamic may limit the potential for sharp rallies, although it could allow the bull market to extend over a longer period.