According to CoinMeta, as analyzed by analyst Nicolai S ndergaard, Bitcoin has risen by about 22% in the past month. However, due to weak spot market inflows, dispersed whale positions, and ETF capital outflows, a new bull market has not yet been confirmed. Although Bitcoin's market structure has improved after the 22% monthly rebound, several liquidity indicators still do not support it entering a confirmed bull market phase. ndergaard pointed out that recent data performance is poor, with the trading price below the seven-day moving average, indicating that short-term momentum remains weak. Over the past week, the token entities tracked by Nansen have sent a net of 3,700 BTC to exchanges. Analysts believe that exchange deposits may increase before sales, which limits their confidence in a rebound. Bitcoin spot products listed in the United States recently recorded about $236 million in capital outflows. Nevertheless, ndergaard believes that the market still needs sustained spot demand to consider this rebound as a lasting cyclical shift.