NUPL projections are heavy, but the current tape tells a different story. The projection in that chart suggests a massive crash into 2027, but right now BTC is at $95,944 and showing legitimate strength. The 80k to 90k range didn't look like a trap on chain. Whales (1k to 10k BTC) were actually the main drivers of accumulation in that zone throughout the end of 2025. While the chart projects a return to negative unrealized profit, we're currently in a regime where momentum is strong (ADX 36.4) and volume is 69% above average. The macro environment is currently risk neutral rather than in a full structural collapse. Correlation with the S&P 500 remains high (0.63), meaning BTC is trading more like a tech proxy than a cycle outlier right now. Thesis: The NUPL projection is a long term warning, but trying to front run a 2027 bottom when the current market structure is bullish and whales are accumulating is a high risk move. Watch the $95,726 level. If that holds, the immediate path is still up. If we break it, that might be the first sign the cycle top is actually in.