Bitcoin's recent price drop has sparked debate, but analysis suggests it's a correction within a larger bull market. CryptoQuant's XWIN Research Japan highlights reduced leverage and potential long-term capital inflows, mirroring patterns seen after past corrections. The Market Value to Realized Value (MVRV) ratio, currently at 1.54, has historically indicated price rebounds. Open Interest (OI) has significantly decreased from $37 billion to $29 billion, suggesting leverage liquidation and market cleansing. On-chain data reveals that whale addresses (holding 10-1000 BTC) are consistently accumulating Bitcoin. Short-term holders have experienced substantial losses exceeding $900 million, indicative of capitulation, a key sign of bottoming. Improving global regulatory environments and early indications of institutional capital inflow further support the bullish outlook. These factors combined suggest the recent downturn is a deep correction, paving the way for renewed upward momentum, rather than the onset of a prolonged bear market. ```