Bitcoin's market has transitioned into widespread net distribution since its March all-time high (ATH) of $73k, according to a new report. The Net Unrealized Profit & Loss (NUPL) metric indicates the Bitcoin cycle remains in the Euphoria phase, but has cooled off since the correction started. The report also identifies Short-Term Holders as the cohort contributing the most to sell-side activity during corrections. The cost basis of 1w-1m holders is currently $66.7k, and their realized loss has surpassed the 90-day +1 standard deviation level multiple times since mid-March, suggesting potential seller exhaustion. The report concludes that the market may be forming a local bottom.