Bitcoin hovers around $88,000 in early 2026, but on-chain data from CryptoQuant shows that its fundamentals are improving. Key indicators indicate that the supply of long-term holders has turned positive, with a net increase of approximately 10,700 Bitcoins; the Long-Term Holder Spent Output Profit Ratio (LTH Spent Output Profit Ratio) remains at a neutral level of around 1.0; and net exchange outflows continue. These indicators collectively suggest that, despite macroeconomic uncertainties limiting upward momentum, selling pressure is easing.