Analysis: Bitcoin demand structure is recovering, and the market may be gradually building a new trading range.

CoinFeed reported on April 21 that, according to BIT analysis, new sources of Bitcoin demand are gradually emerging. Strategy's (formerly MicroStrategy) continued buying has provided relatively stable buying support, and the market is beginning to show clearer signs of allocation-oriented fund inflows. Specifically, Coinbase Premium continues to rebound, with the spot Bitcoin ETF seeing a single-day net inflow of approximately $664 million, the highest level since mid-January. These signals all point to one direction: the demand structure is recovering. Corporate financial buying, ETF inflows, and US spot demand are working together to solidify support at price lows, and market participation is also recovering, a significant departure from the environment of the previous adjustment phase. Combined with yesterday's analysis of stablecoin fund inflows, liquidity support is also gradually strengthening.