Bitcoin's recovery remains fragile, lacking sustained upward momentum due to weak spot demand in the U.S. and volatile ETF flows. Despite CPI data showing inflation cooling to 2.4%, the Coinbase Premium Index remains negative, indicating Bitcoin is trading at a lower price in the U.S. compared to offshore markets. As of February 13, spot Bitcoin ETFs saw net outflows of $410 million, with cumulative net outflows over two days nearing $686 million. Concurrently, persistent negative net trading volume (often below -$200 million) suggests selling pressure is capping Bitcoin's upside potential.