#BTCRally Is the end of the BTC bull run approaching?

The chart presents the NUPL (Net Unrealized Profit/Loss) indicator by cohorts:

- Blue zone - long-term holders (LTH)

- Purple - short-term holders (STH)

— White line — BTC price

What do we see:

▪️ Long-term holders are confidently in the profit zone – this is a signal of strength. The conviction of "hodlers" remains high.

▪️ Short-term holders are increasingly realizing profits – this may create local pressure and increase volatility.

▪️ The NUPL level in STH is approaching the overheated zone – this has historically coincided with local corrections, but not necessarily with a reversal of the global trend.

Conclusion:

The overall trend remains upward. As long as long-term holders maintain their positions, the market has a foundation.

However, the activity of short-term holders may lead to a correction within the bullish scenario.

Scenario: correction – reset – continuation of the trend.

Following the dynamics of NUPL and the zones of profit realization.