[Analyst: The Crypto Market Is in an Early State of Balance Between Demand Recovery and Moderate Selling Pressure] CryptoQuant analyst Darkfost stated that although profit-taking by short-term holders has led to a slight increase in selling, on-chain UTXO (Unspent Transaction Outputs) spending has not risen significantly. Overall, investors remain relatively calm, with no signs of large-scale panic selling. He noted that the current market is in an early state of balance between budding demand recovery and sustained but moderate selling pressure.