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The demand structure of Bitcoin is gradually being "repaired" after a period of weakness, as many new resources are returning to the market.
According to Markus Thielen, current buying pressure no longer depends on a single factor but results from a combination of multiple capital flows. Among them, institutions continue to accumulate BTC, creating a support base for prices, while spot demand in the U.S. is recovering, as evidenced by Coinbase Premium returning to positive territory.
Notably, capital from spot Bitcoin ETFs is increasing strongly, with net inflows reaching $664 million in a single day — the highest level since mid-January. At the same time, the return of stablecoin flows is also significantly improving overall market liquidity.
The synergy between institutional capital, ETFs, and spot demand is creating a more solid foundation for Bitcoin. In this context, prices are likely to enter a new consolidation zone rather than experiencing the extreme volatility seen before.
Personal opinion: the overall trend is more positive, but BTC is likely to continue accumulating within a range before a clear strong rally forms.