Bitcoin's Net Unrealized Profit/Loss (NUPL) has returned to the "Hope/Fear" zone, indicating cautious market sentiment as the cryptocurrency trades between $60,000 and $72,000. Bhutan has reduced its Bitcoin holdings to approximately 5,600 BTC following a 100 BTC transfer, down from a peak of 13,295 BTC in October 2025. This move has drawn attention to sovereign-related flows and potential market impacts. Standard Chartered has warned of a potential Bitcoin price dip towards $50,000 amid ETF outflows and weakening demand. Analysts have noted a realized price near $55,000, with risks extending below $40,000. The market is showing signs of bearish positioning, with futures deleveraging and increased downside hedging in options. The Fear & Greed Index reflects extreme fear, while macroeconomic factors and upcoming events like U.S. CPI data and crypto options expiry add to market caution.