This week's market pulse report shows Bitcoin prices rising to 94.70 thousand USD, with significant increases in spot market demand and ETF capital inflows, providing a firmer foundation for the rebound than before. Spot price momentum has broken through historically high statistical ranges; both spot trading volume and weekly ETF capital inflows of 2.90 billion USD have increased, while ETF trading volumes have surged, indicating active positioning by traditional financial participants. Hot capital share and profitability indicators (such as an 86% supply profit ratio and a 0.53 net unrealized profit loss) have expanded significantly, showing early signs of FOMO. However, the number of active on-chain addresses remains low, indicating that organic network participation is still recovering. The futures market exhibits complex dynamics: open interest steadily rises, funding rates turn deeply negative, signaling aggressive short positions entering, but the cumulative trading volume of perpetual contracts increases, indicating buyers continue to absorb selling pressure. High leverage, aggressive shorts, and sustained buyer demand create a fragile yet potentially explosive situation; if the rebound continues, it may trigger a short squeeze, otherwise, severe volatility may occur. Overall, spot demand and ETF participation have significantly improved, enhancing the rationality of the rebound, but FOMO and futures leverage imbalance keep short-term volatility risks high. The report emphasizes that data is sourced from Glassnode and reminds investors to exercise caution.