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CryptoQuant analyst Axel Adler Jr. stated that Bitcoin rebounded to $64600, but the demand/issuance ratio was -5.43, and the net flow of aged BTC was -85500. Neither indicator confirmed an influx of new demand. The demand/issuance ratio has been below zero for approximately five months. A negative net flow of cryptocurrency age indicates that 85500 BTC have been transferred to the holding category for over a year in the past 30 days, indicating a continuous contraction in liquidity supply. The current rebound is supported by the contraction and accumulation of liquidity supply, rather than being driven by new demand. The demand/issuance ratio must remain above 1 to confirm true recovery.