According to CoinMeta, Glassnode indicates that Bitcoin has fallen back to around $62,600. The demand for spot trading is weak, and the net selling pressure continues. The demand for downside protection in the options market has increased, suggesting that the market as a whole remains defensive. However, ETF the weekly capital flow and trading volume have rebounded, and the number of active addresses as well as the scale of on-chain transactions have also risen to the upper end of the statistical range. The proportion of long-term holders' supply has remained stable. Overall, ETF demand and on-chain activity provide support for the market, but insufficient spot momentum and declining profit levels still limit risk appetite.