Bitcoin (BTC) continues to hover near $108K, but beneath the surface, warning signs are flashing. Despite recent price stability, several on-chain indicators suggest that BTC may be due for a short-term correction.
🧮 Miner Profits Surge — A Red Flag?
The Puell Multiple, a key metric that tracks miner profitability, has jumped over 25% to 1.26, signaling that miners are earning significantly more than usual. Historically, such spikes often precede increased selling pressure, as miners look to lock in gains.
🔍 Network Valuation Outpaces Activity
Bitcoin’s NVT Ratio—which compares market cap to transaction volume—has surged 84% to 55.17, suggesting that price is rising faster than actual usage. This kind of divergence often hints at overvaluation and can foreshadow a pullback if demand doesn’t catch up.
💸 Exchange Inflows Hint at Selling Intent
For the first time in weeks, BTC saw a net inflow of $57.5 million to exchanges. This shift from outflows to inflows typically signals that investors are preparing to sell, adding to potential downside pressure.
📊 Most Holders Are in Profit — But That’s Not Always Bullish
Over 98% of Bitcoin UTXOs are currently in profit, meaning most holders are sitting on gains. While that might sound bullish, it also reduces the incentive to “buy the dip” and can lead to widespread profit-taking—especially if sentiment turns cautious.
