Bitcoin Market Shows Structural Changes: Indicators Suggest Pullbacks Are Not Trend Reversals
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Miner Profitability: Bitcoin's Puell Multiple currently sits at around 0.9, indicating miner profitability is in a neutral zone, which, while low, is far below the historical danger zone of 6 to 10, suggesting miners are not flooding the market with supply, thus keeping it tight.
- Market Psychology Analysis: The NUPL metric is currently around 0.37, placing it in a profitable but non-euphoric zone, indicating the market is still in a mid-bull phase where strong upward trends coexist with sharp pullbacks, suggesting recent drawdowns are corrections within strength rather than the onset of a prolonged bear market.
- Valuation Reasonableness: The MVRV ratio is approximately 1.6, indicating that the average investor holds about 60% unrealized profit, which confirms bullish conditions but remains well below the historical high of 3.0+, suggesting Bitcoin is not overheated and currently lacks signs of excessive speculation.
- Behavioral Market Changes: Together, these indicators suggest a structural shift in Bitcoin market behavior, where pullbacks increasingly appear as sharp but contained corrections within a broader uptrend, indicating that potential 50-60% drawdowns would resemble deep corrections rather than a breakdown of the macro trend.
About the author

Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.






