[Analyst: Bitcoin On-Chain Capital Inflows Turn Positive, But Demand Remains Weak] CryptoQuant analyst Axel Adler Jr. stated in a post that two on-chain flow metrics for Bitcoin showed simultaneous improvement in the second half of August: the relative change in realized market value turned positive (+0.21%) for the first time since late May, coinciding with Bitcoin's rebound from its August low to $79,100; and the 30-day apparent demand exceeded new issuance for six consecutive days. While the direction has reversed, the magnitude remains weak—current capital inflows rank in the lowest 3-4% of historical positive readings, and apparent demand ranks in the lowest 10% among observations above 1. The analyst emphasized that the change in direction is more significant than the intensity of demand. This marks an improvement, but it has yet to confirm a strong new state. The next step must involve a sustained expansion in magnitude. If the two metrics fail to further expand, the sustainability of the current rebound remains in question.