Following a correction from its all-time high (ATH), #Bitcoin's NUPL has fallen to around 0.2-0.3, a level that historically marks a transition from euphoria to accumulation.

Unlike bear markets where NUPL fell below 0, the current cycle is simply shedding excessive optimism while keeping the overall market in a state of unfulfilled gains.
Previous corrections in 2013, 2016, 2020, and early 2024 all served as foundations for subsequent expansion phases.
As long as NUPL remains above 0, long-term holders continue to dominate supply, while speculative positions are gradually being absorbed.
The market may have completed its profit-taking correction. The next major move depends on the return of new capital.