Coinbase's Bitcoin premium turned positive for the first time since December 17, 2024, indicating a rebound in U.S. investor demand. CryptoQuant analysts pointed out that after the U.S. approved the spot Bitcoin ETF, investor behavior became a market vane, and block trading was active recently. At the same time, Bitfinex analysts said that Bitcoin liquidity tightened and miners' selling pressure eased, driving prices back up. JPMorgan Chase reported that miners' profitability has risen for two consecutive months, but is still below pre-halving levels. The market outlook is optimistic.