Bitcoin's recent rebound to around $73,000 is primarily driven by the inflow of ETF funds— with a net inflow of $683 million in a single day, of which BlackRock alone accounted for $586 million. According to the on-chain indicator MBI, it is currently in a neutral range of 0.3-0.6, indicating that this rally is supported by institutional funds and driven by trading sentiment. If ETF inflows continue, it could evolve into a structural recovery market.