🟠Following the October correction, the Bitcoin market has shifted from a distribution phase to balance-sheet normalization, according to Novaque Research. Price action suggests neither aggressive accumulation nor full capitulation, but rather a stabilization phase after elevated pressure. Profitability remains compressed, exchange flows are largely reactive, and prices are consolidating amid ongoing macro constraints.
🟠On-chain metrics support this view. NUPL remains in the zone of moderate unrealized losses, but their volume is no longer expanding, while exchange balances have stabilized. SOPR is hovering near breakeven, reflecting sales at cost basis. In this environment, the market appears to be absorbing losses and waiting for an external catalyst rather than forming a new directional trend.