Another data point that can provide a reference for short-term market trends is STH-PSIP, which represents the proportion of all short-term holders' coins currently in a state of unrealized profit. If this exceeds 50%, it means the price recovery has turned more than half of the short-term coins from unrealized losses to unrealized profits. A high profit ratio can pose a significant risk during a bear market. Especially when short-term coins in unrealized profit are too concentrated, the likelihood of heavy selling pressure increases. For example, the areas I marked with red dashed circles in the chart. Currently, this ratio is around 36%, meaning the proportion of short-term coins in unrealized profit isn’t very high. At least it hasn’t reached a level with strong "spillover" tendencies. So theoretically, the current conditions limiting BTC’s upward movement aren’t entirely sufficient on some influencing levels. Unless this time it’s truly due to weak demand, combined with factors like a stronger dollar, rising 10-year Treasury yields, and increasing oil prices—macro uncertainties that could play a role.