Recently, long-term holders have started to loosen their grips, which has put some pressure on Bitcoin's current rebound. Looking at the scale of distribution, although not as exaggerated as in November, it is still somewhat larger compared to the bottom regions in August 2024 and April 2025.

Another signal is that the FBS curve is still gradually climbing, reflecting a gradual warming of new capital supply, indicating that new demand is quietly recovering.

As we mentioned earlier, a rise in the FBS curve does not directly lead to a big bullish candle. Reality is often more complex — Bitcoin's process will involve repeated oscillations, and sometimes it may even fall back to lower levels for testing.

The current situation just confirms this: whenever the price stabilizes slightly, LTHs accelerate distribution, which basically aligns with the expected trajectory. As long as the FBS continues upward, the overall trend should be fine. But there will definitely be some turbulence along the way, and investors should be mentally prepared for repeated shakeouts.