[Analyst: Bitcoin UTXO Profitability Ratio Rebound Indicates Supply Structure Reshuffle, Pressure Eased but No Confirmation of Reversal] CryptoQuant analyst Axel Adler Jr. pointed out in the weekly report that Bitcoin UTXO (Unspent Transaction Output) profitability ratio has risen from 48% to 53% over the past month. However, 53% is still at a deep pressure level, far below the 365-day moving average, with nearly half of UTXOs still in a loss state. The increase in this indicator mainly suggests a relief in holder pressure rather than confirmation of new demand. Following the Coldcard hacking incident, long-term holder supply decreased by 134,800 BTC, partly due to the migration of old coins, which cannot be automatically interpreted as long-term holders distributing their holdings. Current data points more towards a supply reshuffle after a significant pressure event rather than confirmation of new demand or capitulation. Although the market has improved compared to a month ago, it is not sufficient to confirm a reversal, and more signals are needed to determine whether to establish new positions.