Analyst Markus Thielen stated that the demand structure for Bitcoin is gradually recovering. He pointed out that Strategy's continued accumulating holdings provides stable buying support, Coinbase Premium is rebounding, and the spot Bitcoin ETF saw a single-day net inflow of $664 million, the highest level since mid-January. He believes that corporate funds, ETF inflows, and US spot demand are working together, coupled with the return of stablecoin funds, to gradually improve market liquidity. Against this backdrop, Bitcoin prices may enter a new trading range. If the relevant trends continue, the probability of an upward move increases, but the overall trend is likely to remain range-bound.