According to online reports, Glassnode issued an article stating that short-term holders of Bitcoin have begun to take profits. Short-term holders 'realized profit (STH Realized Profit) has soared to about positive 3 standard deviations from their 90-day average, reflecting a significant increase in profit-taking activity. However, in previous cycles, especially during periods of price climbing towards historic highs (ATH), the indicator has tended to rise above positive 5 standard deviations. This suggests that stronger profit-taking pressure is often needed to overcome the steady flow of buying demand. Bitcoin's rally to near historical highs was mainly driven by the spot market, thanks to strong on-chain holdings and off-chain capital inflows. Demand comes mainly from spot ETFs and major spot trading platforms like Coinbase. A key cost support area has been formed around $95,000, coupled with slowing selling pressure, further consolidating the strength of this uptrend. However, the derivatives market still appears to be catching up, with open interest volumes and funding rates yet to fully keep up with the rise in the spot market. Positions in the options market show a cautious but optimistic attitude, while the futures market currently shows few signs of excessive long leverage.