On-chain indicators show no signs of a new BTC rally...still in correction.

According to CoinDesk, CryptoQuant reports that "A comprehensive look at several on-chain indicators suggests that the BTC price correction is far from over, or at least there are no signs of a new rally beginning. Short-term investors and whales are still selling BTC with a risk-off attitude. The unrealized profit margin hasn't even come down enough to trigger a sell-off." "While the initial success of the BTC spot ETF launch is clear, the market is not immune to the possibility of a pullback. The BTC price is down 15% since the launch of the spot ETF, likely due to Grayscale's GBTC outflows."