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Bitcoin’s demand structure is improving, but has yet to show the strength of a sustained bullish regime. Negative-demand troughs are becoming shallower, suggesting the market is moving away from contraction. However, recent positive demand remains modest and well below the stronger expansions seen in late 2024 and 2025. For now, Bitcoin appears to be transitioning toward demand stabilization, not full demand expansion. A sustained rally would require stronger and more persistent demand growth.