The Bitcoin market is showing early signs of recovery as stablecoin liquidity has increased by approximately $8 billion since February, suggesting improved trading conditions. According to CryptoQuant analyst Darkfost, the Inter-exchange Flow Pulse has turned positive, indicating more Bitcoin is moving to derivatives platforms, potentially signaling increased trader activity in futures markets. Despite these developments, Darkfost cautions that more data is needed to confirm a lasting market change. Long-term Bitcoin holders continue to dominate the supply, retaining around 79% of the total. Unlike previous cycles, where sharp distribution changes occurred, the current cycle has seen gradual supply transfers in multiple waves. This pattern reflects stronger liquidity conditions and the entry of new market participants, including those accessing Bitcoin through exchange-traded funds and digital asset treasuries.