According to CoinMeta, based on the monitoring of an early issuer in, analyst Axel Adler Jr pointed out in their weekly report that the profit margin of Bitcoin UTXO has risen from 48% to 53% over the past month, but it is still at a level of significant pressure, far below the 365-day moving average. Nearly half of UTXO are in a loss-making state. The increase in this indicator indicates a relief of pressure for holders, rather than confirmation of new demand. After the Coldcard hacking incident, the supply of long-term holders decreased by 134,800 BTC, partly due to the migration of older coins, which cannot be automatically interpreted as a distribution to long-term holders. Current data suggests a reorganization of supply after a major stress event. Although the market has improved compared to a month ago, it is not sufficient to confirm a reversal.