Driven by short-term holder capitulation during macro headwinds and spot ETF outflows, Bitcoin on-chain data now indicate a picture of market correction and bottoming phase. The short-term holder understood that price had dropped significantly toward the $69,000 mark, therefore closely matching the long-term holder cost basis and washing out speculative holdings in a pattern usually seen at cycle lows. Long-term holders and whales are aggressively absorbing supply notwithstanding price depreciation; exchange reserves keep decreasing as institutional custody and cold storage take over coins. Reflected in a Puell Multiple between 0.79 and 0.90 and a negative Miner Position Index, miner economics stay limited, indicating miners are holding rather than selling and therefore eliminating possible market selling pressure. The general conclusion shows a classic supply transfer from short-term investors selling at a loss into the hands of price-insensitive long-term accumulators, therefore creating structural health beneath the surface even as macro risk-off mood lingers.