[Analysis: Bitcoin Demand Structure is Recovering, Market May Be Gradually Establishing a New Consolidation Range] According to BIT analysis, new sources of Bitcoin demand are gradually emerging. The continuous accumulation by Strategy (formerly MicroStrategy) has provided relatively stable buying support for the market, and clearer signs of allocation-driven capital inflows are beginning to appear. Specifically, the Coinbase Premium has been steadily rising, and the daily net inflow of spot Bitcoin ETFs once reached approximately $664 million, marking a high since mid-January. These signals collectively point in one direction: the demand structure is recovering. Corporate treasury purchases, ETF capital inflows, and U.S. spot demand are forming a combined force, solidifying support at price lows. Market participation is also rebounding, showing a clear departure from the conditions during the previous adjustment phase. Coupled with yesterday's analysis of stablecoin capital returning to the market, liquidity support is also gradually strengthening.