The latest market assessment shows that Coinbase believes Bitcoin's upward structure is more "healthy" than it appears.

The report points out that this rally is not only driven by leverage but also by genuine demand increasing, while the circulating supply continues to decrease.
From a capital perspective, the inflow of funds into spot Bitcoin ETFs is approaching its highest level of the year, indicating that institutional funds are re-entering the market, forming stable buying support.
Meanwhile, long-term holders continue to increase their holdings, resulting in more BTC being concentrated in the hands of "steadfast holders," further shrinking the market's circulating supply.
When demand rises and supply decreases, the underlying logic of price fluctuations will change.
The market may seem emotion-driven, but in reality, it is driven by structural forces.
The true trend is not created by price movements, but gradually emerges from the supply and demand relationship.