Bitcoin's recent trend has attracted a lot of attention. After dropping from a high of nearly $98,000, it is now hovering around $90,000. It seems that market sentiment is somewhat volatile, but a closer look reveals some positive signals brewing.

Off-chain indicators are clearly showing signs of improvement. Both the spot and futures markets are strengthening, indicating that trading activity is recovering. More interestingly, the movement of institutional funds through ETF inflows is becoming evident—demand is indeed picking up. However, investors in the options market remain cautious, without making particularly aggressive bets.

On-chain activity is also not idle. On-chain activity and capital flows are gradually improving, albeit mildly, but in a positive direction. From the perspective of holders' profit and loss status, previous pressure is gradually being released, and market sentiment is slowly recovering. However, confidence has not fully returned yet, and investors are generally maintaining a relatively cautious attitude. Overall, the market is seeking a balance point.