CryptoQuant analyst Axel Adler Jr. stated that BTC, currently trading at $110,700 on a monthly chart, is slightly above the short-term holder realized price (STH) of $107,600, considered a key monthly bull market support level. The current price is significantly above both the overall realized price of $52,800 and the long-term holder realized price (LTHRP) of $35,600, confirming a structural uptrend. Furthermore, the NUPL indicator, at 0.53, indicates broad market profit-taking, though not reaching the extreme levels of previous cycles. Higher timeframes (LTFs) remain bullish, but the market remains in a correction phase and is sensitive to profit-taking. A key reference point is the STH of $107,000; holding this area would support the continuation of the uptrend. Currently, the NUPL has shown no signs of a final exuberance, suggesting further upside potential after consolidation.