LTH selling pressure has recently picked up, exerting some pressure on BTC. Although the distribution scale remains below November, it is higher than the two cyclical bottom periods of August 2024 and April 2025.

Meanwhile, the FBS curve continues to slowly recover, indicating that the demand from new investors is gradually returning. The FBS rebound will not immediately trigger a V-shaped price reversal; during this period, BTC typically remains volatile, and there may even be a secondary bottom.

Considering the current situation where LTH selling pressure increases again after the price stabilizes slightly, the overall trend is basically in line with expectations. As long as the FBS curve maintains an upward trend, there is no need to be overly pessimistic about the overall direction, though the process may be quite turbulent.