Bitcoin buying is returning, but the latest rebound is still being driven mainly by improving macro conditions rather than crypto-specific catalysts, Bitfinex said in its latest report. The exchange said easing geopolitical tensions, lower oil prices and a cooling U.S. labor market helped lift risk assets, pushing Bitcoin toward the top of the $62,000 to $65,000 range. Spot Bitcoin ETFs logged net inflows for five straight trading days, taking in about $865.3 million and absorbing roughly 13,300 BTC, versus only about 3,150 BTC of new network supply over the same period. Even so, Strategy sold 1,638 BTC last week, while on-chain data (blockchain transaction records) shows about 1.79 million BTC has a cost basis concentrated between $62,000 and $65,000, creating notable overhead supply. Bitfinex said U.S. July nonfarm payrolls (a measure of job creation) weakened and earlier months were revised lower, cutting the market's perceived chance of a September Fed rate hike to 43.9% and helping short-dated Treasury yields and the dollar fall, but 30-year Treasury yields stayed above 5.2%, reflecting persistent worries about inflation and expanding government debt. Ethereum ETF inflows also continued, signaling institutional money is returning to crypto, though in a more concentrated and cautious way. Bitfinex said Bitcoin is likely to remain range-bound unless ETF inflows keep outpacing market selling pressure and softer inflation data pulls long-dated Treasury yields lower.