According to analysis by CryptoQuant, Bitcoin has rebounded roughly 11 percent from its low of 57,700 dollars, with room for a short-term rally driven by typical July seasonality and recovering demand. Total demand is improving after its largest contraction since 2022, and demand from US investors is also trending toward recovery. On the other hand, the Bull Score Index, which measures overall market strength, stands at 20 and remains in bearish territory. At XWin, we believe we are now at a crossroads between a bear market bounce and the start of a new bull market, and we see the sustainability of the demand recovery as the biggest focus going forward.