**Bitcoin Market Analysis: Cooling Speculation and Equilibrium**
Net capital flows into Bitcoin have slowed, indicating a balance between profit and loss-taking among investors. Short-term holders are transitioning into long-term holders, having held their assets for over 155 days. This shift suggests a stabilization in the market.
Speculative interest in the perpetual swap market has reset, pointing to a cooling off in long-biased leverage. The MVRV Ratio and percentage of supply in profit metrics have returned to their mean values, indicating a reset in investor profitability.
The Sell-Side Risk Ratio shows most coins are being spent near their acquisition price, suggesting market equilibrium. However, this calm period often precedes heightened volatility. đ
Overall, the market is in a consolidation phase, with decreased speculation and a more spot-dominated regime. đ
