I just saw in the market data that Bitcoin is really stable right now, despite a lot of pressure. The derivatives market has significantly deleveraged, so speculative bubbles are almost gone. The Leverage Reset Index has dropped to 0.32, the lowest in a long time, indicating that price discovery is truly coming from spot demand, not leverage plays.

What’s interesting is that retail investors with large holdings continue to sell, but whale holders with 1,000+ BTC are still increasing by nearly 8% compared to the October peak. Bitcoin options implied volatility is around 47%, significantly lower than the 100% during the 2022 bear market. Short-term options are slightly more expensive than long-term ones, which suggests the market is pricing in short-term uncertainty but remains bullish in the long term.

Looking at the overall picture, it seems to be a transition from a deleveraging-driven correction to a more sustainable rally backed by macro liquidity and institutional buying. The price action has a solid foundation from spot demand and whale accumulation, so this could be the start of a more stable uptrend.