Bitcoin's price action on January 15th is quite interesting. Although the price strongly broke through to $97,000, on-chain data shows there are still many issues.

The most direct signal comes from the behavior of short-term holders — during this rebound, over 40,000 profitable Bitcoin coins have been gradually transferred to exchanges, clearly indicating they are being sold. This is not accidental but reflects the current market sentiment quite honestly.

Why is that? Short-term funds are still digesting the psychological shadow cast by previous adjustments. It looks like the price is rising, but for them, the safety margin is far from enough. Without stronger trend confirmation, they prefer to take profits early rather than hold on tightly. What does this mean? The current rally hasn't yet created enough unrealized profit space for short-term chips, so they can't break their old habit of "selling on rallies."

From another perspective, this gives a clear signal for the future: for this rebound to go further, the market needs higher price anchors to reshape expectations or stronger trend signals to stabilize confidence. Otherwise, the continuous outflow of short-term chips will keep pressing down from above.

Prices are rising, but true confidence recovery is still on the way. The key is whether the market can break through this chip pressure in the subsequent moves.