[Analyst: Bitcoin Market Structure Improves, Spot Demand Still Needs to Confirm Breakthrough] Deep Tide TechFlow reports that on September 8, CryptoQuant analyst XWIN Japan stated that Bitcoin's market structure remains constructive, but the subsequent trend still depends on whether real spot demand can absorb market supply. ETF holdings continue to rise, indicating that institutional investors are still accumulating BTC, and large investors are forming buying support near the current price levels. However, Binance's BTC reserves remain at approximately 685,000 to 687,000 coins, and the 7-day average net exchange inflow has risen to about 593 BTC, suggesting potential selling pressure still exists. At the same time, stablecoin inflows have increased, enhancing market purchasing power. The derivatives market has seen some cooling, with funding rates turning negative and open interest dropping from approximately $27.5 billion to $25.7 billion between September 4 and 5. However, Binance's BTC open interest recently climbed above $10 billion, reaching a six-month high, indicating that the current rebound is not entirely driven by spot activity. Short-term holders' SOPR (Spent Output Profit Ratio) has risen above 1, signaling improved sentiment but also increasing the potential for profit-taking. Some long-dormant BTC, including coins associated with 2010 miners, have also shown signs of activity. The key now lies in whether spot demand can absorb supply and push BTC to effectively break through the $82,000 to $83,000 range.