According to CoinMeta, as analyzed by community analyst morenodv from the cryptoquant community, the apparent demand for Bitcoin is improving. After a significant contraction in demand from May to June of this year, the subsequent lows in negative demand have gradually risen, indicating that the imbalance between supply and demand in the market has eased to some extent. However, the recently rebounding strength of apparent demand is only comparable to some of the mild recovery phases in 2024 and is still significantly lower than the level of demand expansion during the major upward trends at the end of 2024 and in 2025. He believes that Bitcoin is currently transitioning from a period of shrinking demand to a phase of stable demand, but to achieve sustained growth, it will still require stronger and continuous support in terms of capital demand and liquidity.