Recently, there are some signs of a turnaround in the Bitcoin spot market. According to on-chain data monitoring, trading volume has started to pick up, and selling pressure is easing. Although Bitcoin's price once fell below $93,000, buying interest remains somewhat weak, but from the perspective of net buy-sell imbalance, it has already broken through the upper limit of the statistical range, indicating that selling pressure is indeed decreasing significantly.

From the exchange perspective, the attitude of institutional investors is worth noting. They have been continuously accumulating through spot ETFs during the recent pullback, reflecting a change in the mindset of long-term holders—profit-taking at the end of last year has basically been digested, and the desire to sell has weakened accordingly.

More interestingly, as global trade tensions heat up and precious metal prices hit new highs, Bitcoin is being redefined. It is no longer just a short-term trading instrument; more and more people are beginning to see it as a safe-haven asset in their investment portfolios.

From a historical comparison perspective, the slowdown in Bitcoin network growth and liquidity tightening are indeed similar to the situation in 2022. After that period, as indicators gradually improved, it helped drive a significant rally. Bitcoin is still consolidating now, but based on various internal conditions, it is gradually improving.