The on-chain structure of Bitcoin is now facing a turning point, but this key bottleneck still needs to be broken through.

【BitPush】Recently, there has been an interesting phenomenon—after experiencing a small end-of-year fluctuation, the on-chain structure of Bitcoin has started to improve. As long as the price holds above those key support levels, the outlook still seems optimistic.

From a technical perspective, valuation and holdings indicators are gradually stabilizing, indicating that the risk of decline has decreased significantly compared to before. The market feels like it has eased up, rather than falling into a new downward trend. However, there are two bottlenecks to watch out for in this rebound: first, new capital entering the market is not very enthusiastic; second, large holders are also relatively limited in their willingness to increase their holdings.

This is the core issue—without continuous inflow of incremental funds, the strength of the rebound will inevitably be limited. Even a short-term surge is unlikely to form a truly sustainable upward trend.

Therefore, for investors, the most pragmatic approach is: be in the market, but stay disciplined. Don’t rush to buy; wait until the funding environment and on-chain profit signals become clearer, then consider increasing your position. At this point, carefully selecting opportunities and participating cautiously is the right way.