According to CoinMeta, crypto analyst AxelAdlerJr indicates that the current profit supply ratio of Bitcoin has risen to 69%, with a 41% change over 90 days, corresponding to a price of around $77,000 per BTC. He emphasizes that the current buying momentum mainly comes from mechanical re-pricing after short squeezes, rather than sustained spot buying. Such momentum often fades quickly, and the market is likely to see a pullback or sideways movement in the future.