When leverage decreases, debt decreases, price adjustments, liquidations increase, price volatility also increases, which is an important step needed for a healthy upswing. Reliability of on-chain metrics: As the BTC NUPL indicator moves from optimism to belief territory, there could be a price correction of around 25%, although not that big this time. The halving may be preceded by a shuffle, and there may be a larger one in the next 4 months. The sell-off by miners in November was large and the selling trend has continued, but market buying has been strong and BTC miners have been selling since October 25.