The SOPR indicator for short-term holders has been hovering around the 1.0 mark. This is no longer a subtle signal—once the price rises enough to allow them to break even, these short-term funds start to run out, with no intention of holding on further.

Some may ask, is the market lacking liquidity? Actually, that's not the case. The real issue is that confidence hasn't caught up yet. Funds are quickly withdrawn for profit-taking as soon as they arrive, and this "quick money, quick exit" mentality permeates the entire ecosystem.

Looking at this trend, it's far from the start of a bull market. More accurately, the market is stuck halfway up the mountain, repeatedly grinding here. As long as the STH-SOPR indicator cannot stay firmly above 1.0, the price will struggle to rise smoothly. Most of the time, it will just oscillate up and down, consuming time.

When will a true reversal occur? It will be when the STH-SOPR can reliably stay above 1.0, indicating that short-term participants are finally willing to hold their positions, and the market's bullish sentiment truly recovers. Until then, we will continue to fluctuate in this bottom zone. Patience and restraint are the keys.