[Analysis: SOPR Drops to 0.92–0.94 Range, Macro Marginal Improvement Fails to Change Bitcoin's Volatile Pattern] Bitfinex released an analysis report stating that the decline in U.S. market inflation and rising expectations of interest rate cuts provide psychological support for risk assets. However, the crypto market is more likely to exhibit phase-based fluctuations rather than a unilateral trend. The expansion of balance sheets reduces systemic liquidity risks, which historically benefits scarce assets like Bitcoin. However, the current pace of liquidity recovery remains slow. Earlier this week, renewed selling pressure on spot Bitcoin emerged, with cumulative sell-offs reaching tens of billions of dollars. Although the market's ability to absorb selling pressure has improved compared to before, on-chain indicators show that the adjusted SOPR (Spent Output Profit Ratio) has dropped to the 0.92–0.94 range, reflecting that most coins are being transferred at a loss, with structural pressure still present. The current macro environment provides some liquidity buffer for the crypto market but is insufficient to support a sustained bull market. Bitcoin has short-term tactical rebound potential, but long-term structural upward movement still requires clearer signals of inflation decline and confirmation of sustained spot demand.