**[Analysis: Bitcoin Buying Resurgence, But Long-Term Growth Still Depends on Macro Environment Improvement]** Deep Tide TechFlow reports that on August 10, Bitfinex's latest report indicates that Bitcoin buying is returning, but the current rebound still primarily relies on improvements in the macroeconomic environment rather than internal catalysts within the crypto market. While institutional demand continues to grow, weakening U.S. employment data has reduced the likelihood of a Federal Reserve rate hike in September. However, corporate treasury sell-offs and elevated long-term U.S. Treasury yields continue to limit Bitcoin's upward potential. Driven by easing geopolitical tensions, declining oil prices, and a cooling U.S. job market, risk assets have broadly rebounded, with Bitcoin's price approaching the upper range of $62,000 to $65,000. Spot Bitcoin ETFs have recorded net inflows for five consecutive trading days, attracting approximately $865.3 million in funds, corresponding to the absorption of about 13,300 BTC. Meanwhile, the Bitcoin network's new supply during the same period was only around 3,150 BTC. The market has currently lowered expectations for a Federal Reserve rate hike in September to 43.9%, pushing short-term U.S. Treasury yields and the dollar lower, thereby supporting gains in stocks and crypto assets. The current macro environment continues to provide support for Bitcoin, but sustained breakout above the range requires ETF inflows to consistently exceed market selling pressure, along with further easing of inflation data to drive long-term yield declines. Until these two conditions are met, Bitcoin is likely to remain in a range-bound consolidation.