Once again, Bitcoin supply–demand imbalance is being resolved through downward price pressure. I have consistently raised concerns about overheating in the imbalance indicators, both when prices were above the $100,000 level and during the current consolidation phase. When the market lacks real and sustained buying liquidity, these imbalances have little choice but to be corrected through a price-driven pullback. That process is now underway. However, the imbalance has not yet been fully cleared, and it appears that further adjustment and time will be needed before the market fully resets.(mignolet)