I see in the market data that Bitcoin is showing solid stability right now. The derivatives market is heavily deleveraging, and almost all of the speculative bubbles that were previously seen have disappeared. The Leverage Reset Index has dropped significantly to 0.32, the lowest in many years, so price discovery is truly being driven by spot demand, not leverage trading.

Interesting whale activity—holders with over 1,000 BTC have accumulated 8% since October. Meanwhile, retail investors with 10+ BTC continue to sell over the past month. Bitcoin options volatility is at 47%, lower than the 100% during the 2022 bear market. The short-term options premium is only slightly higher than the long-term, which means the market is pricing in short-term uncertainty but the long-term outlook remains positive.

For me, this is a clear signal that the market has shifted from a leverage-driven decline to a macro-driven recovery. The price has a solid foundation from spot demand and institutional buying, making the setup more stable now.