Bitcoin has reached $96,500, yet sentiment remains anything but euphoric. Net Unrealised Profit/Loss (NUPL) — a critical indicator of market sentiment — holds steady at 53.7%, sending a clear message. This is not a market driven by irrational exuberance or despair. Instead, what is unfolding is textbook cycle structure. Calm. Measured. Precisely where major moves quietly build while many are still distracted by headlines.