Market Context

Bitcoin's price is currently trading around $114,000 following a modest pullback from recent highs. Despite volatility in price, profitability metrics from on-chain flows show no signs of stress or loss of control. Two key indicators — SOPR and the Realised Profit and Loss (PnL) Ratio — both reflect a composed market, with no major shifts in realised behaviour.

These metrics are essential to evaluate profit-taking pressure and underlying market psychology. Their calm readings, even amid pullbacks, support the case for healthy rotation rather than an exit-driven unwind.