Bitcoin UTXO Profitability Ratio Rises to 53%, Supply Structure Reorganization Unconfirmed

The profitability ratio of Bitcoin UTXO has risen from 48% to 53% over the past month, but it remains under significant pressure, far below the 365-day moving average, with nearly half of UTXOs still in a loss state. This increase in the indicator primarily points to a relief of pressure on holders rather than a confirmation of new demand. Following the Coldcard hacking incident, long-term holders have reduced their supply by 134,800 BTC, partly due to the migration of old coins, which cannot be automatically interpreted as a distribution by long-term holders. Current data indicates a supply reorganization following significant pressure events, rather than a confirmation of new demand or capitulation. Although the market has improved compared to a month ago, it is insufficient to confirm a reversal, and more signals are needed to determine whether new positions should be established.