Analysis: Bitcoin shows signs of recovery after five consecutive days of decline; healthy expansion of derivatives points to a phase of recovery.

A Bitfinex report points out that Bitcoin has experienced five consecutive months of decline since October 2025, marking the first time since 2018 that it has formed a "five-month losing streak." February alone saw a 14.93% drop, with a cumulative maximum drawdown of approximately 52.34%. However, early signs of recovery emerged in March. Data shows that since March 1st, approximately $3.2 billion worth of BTC has been systematically bought at market prices across exchanges, successfully recovering the $65,000 mark. The Coinbase premium index ended 40 consecutive days of negative values ​​and turned positive, indicating a return of spot buying from the US. The derivatives structure also remains relatively healthy: open interest rose to $53.1 billion, a 15.4% increase from Sunday's close, but the perpetual funding rate was only about 9.5% APR, showing no signs of overheating. OI (Online Inflow) and spot trading expanded in tandem, reflecting that this round of gains was largely driven by spot market absorption. Regarding ETFs, the US spot Bitcoin ETF recorded a net inflow of approximately $1.1 billion last week, with over $450 million flowing in on Monday and Tuesday combined, indicating that institutional demand remains the core support. Analysts believe that if key support levels hold, Bitcoin may recover to the $80,000-$85,000 range within the next 1-3 months; in the short term, attention should be paid to the $72,000-$74,000 area of ​​concentrated short selling and the potential dynamic support level of $66,000. The overall assessment remains cautiously bullish.