📊 **Bitcoin Market Analysis: A Mixed Bag of Signals**

Recent on-chain data reveals that BTC investors are holding relatively small unrealized losses compared to previous cycles, indicating a favorable position overall. However, short-term holders are experiencing elevated unrealized losses, making them the primary cohort at risk.

Despite stagnant price action and apathetic investor sentiment over the past six months, the spot price is trading around 22% below its all-time high, a relatively shallow drawdown historically.

Profit and loss-taking activities remain light, with the Sell-Side Risk Ratio suggesting potential for heightened volatility soon. While long-term holders have slowed down profit-taking, the market is showing signs of transitioning towards a bear market.

🔍 For more detailed insights, check out the Week On-chain Dashboard.