🟡Bitcoin has entered a consolidation phase, trading within the $104,000–$116,000 range after recently hitting a new all-time high. Declining ETF inflows, reduced futures demand, and increased options hedging indicate cooling market sentiment. While retail investors continue to buy the dips, larger market participants remain cautious, limiting upward momentum.
🟡According to Glassnode, BTC has returned to the 0.85–0.95 cost-basis quantile — a zone that has historically preceded new trends. A breakout above $114,000–$116,000 could restore optimism, while a drop below $110,000 may increase selling pressure toward $105,000. Without strong ETF inflows and accumulation by large wallets, the market risks remaining stuck in prolonged sideways movement.