According to CoinMeta, Wu said that analyst cw8900 indicated that the profit-to-expenditure ratio (SOPR) for long-term holders of Bitcoin (LTH) has risen above 1, indicating that long-term holders are once again in a profitable position overall, and the market is transitioning from a bearish phase to a neutral one. He pointed out that this round of LTH SOPR has not yet reached the peak region of the historical cycle he observed, which is above 6. At the same time, the positions held by long-term holders BTC remain at historically high levels and have continued to accumulate recently, with no significant large-scale profit-taking occurring yet. Based on this indicator framework, he believes that a stronger upward phase of BTC may be about to begin, rather than being close to the cycle's peak.