Bitcoin's on-chain gauges point to rising strain as liquidity narrows. The 90-day Realized Profit/Loss ratio is near ~1.5, the MVRV Z-Score is at its lowest since October 2022, and the NVT Golden Cross sits at -1.4357. Exchange reserves hover around $210.26 billion (-2.67%), while spot netflows show daily outflows near $45.7 million.
