Bitcoin has reclaimed the $93,000 level, but the underlying question remains: is the market entering euphoric territory, or is this move still grounded in structure? According to the Net Unrealised Profit/Loss (NUPL) indicator, the answer is clear — there is no top signal yet.

With NUPL currently sitting at 0.54, we remain firmly within the “belief” zone — well below the historical ranges where Bitcoin has peaked in previous cycles. This level suggests conviction is present, but without excessive risk-taking or speculative froth.