THE DATA SAYS THIS RALLY ISN’T DONE

Bitcoin is pulling back, but on-chain metrics are not showing cycle-top conditions.

Puell Multiple remains well below historical overheated zones, meaning miners are not under pressure to sell aggressively.

MVRV is elevated but far from levels that marked prior macro tops, suggesting valuations aren’t stretched.

NUPL shows holders are in profit, but not at euphoric levels where mass distribution typically begins.

This is consistent with mid-cycle behavior:
📈 Pullbacks reset leverage
📈 Sellers get absorbed
📈 Long-term holders stay put

Until these metrics move into extreme territory, dips look like consolidation, not exhaustion.