[Joao Wedson: Bitcoin on-chain spending remains profit-driven, SOPR has yet to issue a bullish signal] Analyst Joao Wedson stated that Bitcoin on-chain spending is currently still dominated by profits, and this cycle has not yet seen large-scale loss transfers similar to those in 2022. The SOPR trend signal has not generated a bullish signal yet, and Joao Wedson prefers to remain patient before confirming the start of a bull market.