Bitcoin has returned to $103,000 once again, why is the market enthusiasm still in 'hibernation'?

Bitcoin has returned to $103,000, however, the net unrealized profit/loss indicator for long-term holders (LTH-NUPL) has dropped to 0.69, equivalent to when it was $85,000 on April 1. This indicator reflects the profit status of those holding for over 155 days. The decline in this indicator is due to buyers from December 2024 turning into long-term holders, with high purchase costs reducing the profit ratio. Surprisingly, the price increase did not boost market enthusiasm, and the sluggish LTH-NUPL reveals a lack of market confidence.