Bitcoin’s defense of the $60,000 support level reveals strategic accumulation, not panic. Miners are net withdrawing BTC from exchanges (negative netflow), signaling confidence despite recent volatility. With the Puell Multiple at approx. 1.0, they remain profitable and show no signs of distressed selling; a stark contrast to capitulation events. Simultaneously, NUPL’s 0.55 reading places the market in the "greed" zone, indicating broad unrealized profits.
Investors exhibit disciplined profit-taking, not fear. The aSOPR hovering slightly above 1.0 confirms measured profit realization, avoiding panic-driven loss-selling. This combination, miner accumulation, stable profitability, and controlled greed, suggests institutional players are using the $60k dip to build positions. For now, data signals a bullish consolidation, not a breakdown.
Written by Banker
