[CryptoQuant: BTC Supply and Demand Dynamics Are Shifting, But Strong Recovery Faces Challenges] CryptoQuant's latest analysis indicates that while Bitcoin has support, the recovery process remains uneven. Firstly, regarding exchange reserves, the amount has risen from approximately 2.67 million BTC at the beginning of October to about 2.68 million BTC, still far below January levels. Low reserves do not necessarily indicate a continuous supply contraction; the changes may reflect custody shifts, and the increase itself does not prove selling activity. Secondly, spot demand recovery has been hindered, with 30-day spot demand once nearing zero before turning negative again. Perpetual contract demand remains positive, supporting overall demand. Lastly, whale behavior is showing divergence: addresses holding 100–1,000 BTC have continued net accumulation over the past 60 days, though below the peak at the end of September; the 1,000–10,000 BTC group has seen net reductions approaching zero; and the over 10,000 BTC group remains negative. Accumulation is not unfolding comprehensively.