[Analyst: Bitcoin Rebound Supported by Liquidity Contraction, No New Demand Yet] CryptoQuant analyst Axel Adler Jr. stated in an article that although Bitcoin has rebounded to $64,600, two flow indicators have not confirmed an influx of new demand. The demand/issuance ratio stands at -5.43, and the net coin age flow is -85,500 BTC. Both have recovered from their July lows but remain in negative territory. A demand/issuance ratio below zero indicates that the shrinkage rate of young coins exceeds the issuance rate, a trend that has persisted for approximately five months. Negative net coin age flow means that 85,500 BTC have moved into the one-year-plus holding category over the past 30 days, signaling continued liquidity supply contraction. The analyst pointed out that the current rebound is primarily supported by liquidity supply contraction (coin aging, long-term holders reluctant to sell) and accumulation behavior, rather than driven by new demand. A return of both indicators above zero would be a positive signal, while a sustained demand/issuance ratio above 1 would confirm a true recovery.