Based on on-chain data, although Bitcoin has recently rebounded strongly and broke through the $97,000 level, the performance of the chips is somewhat subtle.

The moment the price broke through $97,000 yesterday, over 40,000 Bitcoins in profit were transferred to major exchanges. What does this number indicate? Short-term holders seem to have taken profits during this rebound.

Why are these people so eager to sell? A careful analysis shows that they clearly haven't fully recovered emotionally. After all, the recent correction was quite significant. Although it has rebounded now, they still feel a bit uneasy psychologically. They are waiting — waiting for a larger upward movement, waiting for stronger technical confirmation, waiting for enough unrealized profits to accumulate. Only when these conditions are met will they have the confidence to hold onto their chips, rather than selling at the first red light.