Wu said that the on-chain analysis platform Faro stated that current BTC on-chain indicators show that the market has not yet entered the overheating zone. Its data shows 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 stage; 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.