CoinWorld News reports that the on-chain analysis platform Faro stated that current BTC on-chain indicators show the market has not yet entered the overheating zone. Its data indicates that the MVRV Z-score, which measures the deviation of BTC price relative to the average cost basis of holders, is 0.88, still far below the historical top region. The NUPL, reflecting the net unrealized profit and loss of the entire market, has remained around 0.30 to 0.31 over the past 7 days, indicating the market is generally profitable but has not entered a frenzy phase. The HODL Waves, which measure the coin age structure of BTC supply, show that approximately 59.2% of BTC supply has been held for over 1 year, while 40.8% has been held for less than 1 year. Faro believes that BTC is currently more constructive rather than at a cycle top.