**[Analysis: Bitcoin Momentum Rebounds and Bearish Sentiment Eases, ETF Net Inflows May Be the Key Variable]** Matrixport analyzed in today's chart that although Bitcoin's on-chain data remains under pressure and its price continues to fluctuate near the 21-week moving average, the current trend is more driven by technical and news factors. Against this backdrop, optimistic sentiment surrounding U.S.-China trade negotiations has added upward momentum to the market. The report from October 20 previously pointed out that the self-developed "Greed & Fear Indicator" has returned to a historical range where rebounds are more likely to occur, with multiple technical indicators signaling a contrarian bullish outlook. However, it may still be premature to expect new highs; while the bearish premium on the options side has significantly declined, the more critical factor remains whether ETF net inflows can continue to consolidate the current positive trend.