Bitcoin [BTC] sits at a macro-on-chain inflection point; seller exhaustion is visible, yet demand has not decisively reasserted itself. Decoding the absence of a sustained spot bidSpot taker CVD reveals buyer hesitation beneath the headline price strength. As a result, demand appears reactive rather than anticipatory. This absence of a sustained spot bid confirms hesitation, not conviction. However, Bitcoin shows stabilization; without leadership, seller pressure has faded, risk is deferred, and demand remains reactive rather than conviction-led.