Bitcoin's recent price rebound may be attributed to leverage rather than genuine market demand, according to on-chain analyst Ali. The analyst highlighted that the market is experiencing a "dead cat bounce," with on-chain data revealing a continued decline in capital inflows. Notably, Bitcoin ETFs have seen net outflows of nearly $1 billion over the past two weeks, suggesting that the current price recovery lacks solid support from spot demand. This situation raises concerns about potential further price declines in the cryptocurrency market.