Bitcoin's recovery is fragile and incomplete, with ETF inflows only modest and corporate treasury purchases well below earlier-year levels, suggesting demand has not fully returned despite improved spot market conditions.

"Spot market conditions have improved after months of weakness, with U.S. spot bitcoin ETFs shifting from persistent outflows to modest inflows. Still, the report cautioned that demand has yet to fully recover, with ETF flows and purchases by corporate bitcoin treasury companies such as Strategy (STR) remaining well below the levels seen earlier this year."