[Analysis: Signs of Improvement in U.S. Bitcoin Demand, Coinbase Premium Narrows, ETF Weekly Inflows Turn Positive] CryptoQuant analyst Axel Adler Jr. stated that weekly net inflows for U.S. spot Bitcoin ETFs have recovered to $439 million, marking the first significant positive value since May. The Coinbase premium index, which had been negative for 78 consecutive days, narrowed to -0.042, rebounding approximately 80% from the February low of -0.229. U.S. spot demand is emerging from its period of maximum pressure; while the discount has not disappeared, it has significantly narrowed, and the return of positive ETF fund flows confirms an improvement in market structure. However, the overall ETF group is still at a floating loss of 22%, with an average cost basis of approximately $84,714, while the current BTC price is around $66,110. If the price rises back to this level, some holders may exit upon breaking even, potentially creating selling pressure.