Glassnode, in an article published on the X platform, stated that Bitcoin has rebounded to $69,000 after a sharp downward revaluation. Overall market positioning remains defensive – spot, derivatives, and on-chain indicators all show caution, and the sustainability of the rebound depends on the recovery of spot demand. Off-chain signals are stabilizing, but market confidence remains weak. Spot and ETF indicators are recovering from lows, while futures and options positions remain defensive, indicating cautious participants and weak risk appetite. On-chain signals are mixed; although the underlying network activity fundamentals have improved, fund flows and profit/loss situations continue to weaken, showing that even with improved network participation, market demand remains weak and profit potential is limited. When Bitcoin's price was $70,000, unrealized losses accounted for approximately 16% of the total market capitalization. The current market pain exhibits a similar pattern to the market structure observed in early May 2022.