While Bitcoin’s recent price action continues to flirt with the six-figure mark, the on-chain structure tells a very different story than the one implied by speculative froth. Market participants can debate psychological thresholds and media headlines, but when we strip away the noise, the metrics remain measured.

At the centre of this is Net Unrealised Profit/Loss (NUPL), currently sitting at 0.48. That level, by historical standards, reflects a healthy phase of market progression, not a euphoric climax. It is neither overheated nor underwhelming. Instead, it places Bitcoin in a zone of potential build-up — not blow-off.

If you missed the earlier deep dive on NUPL, where we broke down structural conditions and sentiment shifts during Bitcoin's move toward $85.5K, you can read it here: Bitcoin’s NUPL Signal: Mid-Cycle Calm, Not Euphoria