Looking at on-chain data these days is quite interesting. Bitcoin has rebounded forcefully to over $97,000, once surging aggressively. But a closer look at the account flows shows that during this rally yesterday, over 40,000 Bitcoins in profit were transferred to CEXs, almost as if they are ready to sell at any moment.

What does this indicate? Although short-term holders are showing unrealized gains on paper, they still have some psychological shadow. After recent adjustments and turbulence, they are clearly less confident. These people are probably thinking they need Bitcoin to go higher again, to confirm that this rebound is real, and that profits have accumulated enough to feel safe holding. Otherwise, any slight disturbance could easily make them choose to cash out.

Therefore, from the perspective of holding willingness, a stronger upward signal is still needed to stabilize the market sentiment.