Bitcoin is experiencing a tentative relief bounce from oversold conditions, with key indicators suggesting stabilization rather than a trend reversal. The perpetual CVD shifted from -$770M to +$182M, and Spot CVD moved from -$205M to near breakeven. Despite a 94.8% rise in RSI, it remains at 29.1, indicating limited buyer dominance. Market activity remains subdued, with spot volume dropping 40.4% to $5.8B and futures open interest declining 3% to $30.6B. Long-side funding payments fell 22.3%, and ETF trade volume decreased 38.1% to $11.1B. However, fear is receding as the volatility spread compressed 85%, and ETF net outflows improved by 65.5%. On-chain fundamentals show a quieter market, with active addresses down 6.3% and transfer volume dropping 38.8% to $3.9B. Despite these challenges, the holder base is becoming more long-term oriented, with recent-vintage supply largely flushed.