After reaching an all-time high of $126,100 in October 2025, Bitcoin entered a deep correction phase, pushing prices to around $60,000 in early February. According to crypto market analysis firm XWIN Research Japan, these last bearish months have marked a structural re-evaluation phase for the leading cryptocurrency. While the consensus market sentiment remains bearish, data from certain supply-side indicators suggest an exhaustion of selling pressure. Notably, XWIN Research Japan shares an insightful analysis of the Bitcoin market balance, based on data from two key on-chain metrics