Although Bitcoin's price trend remains stable and it appears to be a safe-haven asset, on-chain data shows that its potential supply is nearing exhaustion. Indicators such as the 90-day token destruction days (CDD-90) remain at historic lows, indicating that long-term holders are not active, even when the price approached $70,000 in February 2026, they did not sell off. This suggests that a large-scale sell-off may have occurred during the upward trend in November. While retail investor sentiment remains complex, figures like Aditya Singhania point out that there is no sign of panic in the market, but the overall market characteristic is that long-term holders remain stable, and early whales are slowly taking profits. Unless a severe recession occurs, the most likely outcome is that the market will consolidate sideways for the long term.