Is the Market Structure Starting to Change? — What Three On-Chain Indicators Reveal About Bitcoin’s Bottoming Phase via @cryptoquant_com(Report-#310) Why isn’t Bitcoin rising? ETF products exist. Corporate adoption continues. Regulatory frameworks are improving. Yet Bitcoin has fallen toward the $60,000 range and recently reached new cycle lows. The answer may not be Bitcoin itself. Instead, Bitcoin is competing for capital against powerful themes such as artificial intelligence and a potential wave of major technology IPOs. As investors rotate toward these opportunities, crypto has faced a shortage of new buyers. On-chain data, however, tells an important story. Three indicators stand out: • LTH-SOPR / STH-SOPR Ratio • Supply in Profit • 200-Week Moving Average and Realized Price The LTH-SOPR / STH-SOPR ratio has fallen significantly, indicating that long-term holders are no longer realizing the large profits seen during the previous bull market. Supply in Profit has dropped to roughly 47%, meaning more than half of Bitcoin holders are now at break-even or in a loss position. This is a sharp contrast to bull market conditions, when over 90% of supply is often in profit. At the same time, Bitcoin is approaching two historically important valuation levels: the 200-week moving average and the Realized Price. Both have acted as major support zones during previous bear markets. Together, these indicators suggest that speculative excess has largely been removed from the system. Market sentiment has shifted from euphoria to caution, and investors are entering a period of patience and accumulation. This does not guarantee that the bottom is already in place. However, it suggests that Bitcoin is not experiencing a structural failure. Instead, it is going through a demand shortage while competing with some of the strongest investment narratives in global markets. For now, the market remains in a critical bottom-testing phase. The next major move will likely depend on whether fresh capital returns to the Bitcoin ecosystem. https://t.co/EuqNmGcbJ8—-What-Three-On-Chain-Indicators-Reveal-About-Bitcoin’s-Bottoming-Phase