CryptoQuant analysts say Bitcoin has entered an early bull phase, citing renewed derivatives activity, stronger spot demand, institutional ETF buying and momentum that resemble past cycle recoveries. U.S. spot Bitcoin ETFs attracted about $1.9 billion over the past week, their largest weekly net inflow since October 2025. Mizuho Securities analyst Dan Dolev said the Bitcoin-led rebound may be higher quality than previous rallies because coin-denominated open interest fell to a one-month low and remained subdued, suggesting the advance was driven more by spot and ETF demand than leverage. Retail trading volumes remained at a three-year low, although Robinhood was assessed as the leader in small-lot spot retail trading with a 40% market share. Analysts nevertheless warned that elevated profit-taking, exchange inflows and overbought conditions could trigger a near-term pullback.