Bitcoin’s reconstruction is losing its fundamental support. Price has stabilized and started to recover, but the Bitcoin Fundamentals Index has slipped back into Weak territory. Network Growth has faded rapidly, while Liquidity remains only neutral. That tells us fewer new participants are entering the network and on-chain activity is stagnant. A recovery is sustained by expanding participation and growing activity, not just resilient prices. Until Fundamentals improve again, this remains a stabilization phase. A structural recovery will have to wait for confirmation from the underlying fundamentals.