Based on on-chain data analysis, Bitcoin may face a consolidation period lasting several months. From the NUPL indicator (0.3) and institutional holdings perspective, the market is showing a slow consolidation pattern, far from signs of a sharp decline. It is worth noting that new capital is gradually shifting toward the stock and commodity markets, which is putting certain pressure on BTC's incremental funding in the near term. However, this adjustment phase also provides long-term investors with a relatively stable entry window. The market needs to wait for the real inflow of the next round of incremental capital to break through the current range-bound pattern.
Based on on-chain data analysis, Bitcoin may face a consolidation period lasting several months. From the NUPL indicator (0.3) and institutional holdings perspective, the market is showing a slow consolidation pattern, far from signs of a sharp decline. It is worth noting that new capital is gradually shifting toward the stock and commodity markets, which is putting certain pressure on BTC's incremental funding in the near term. However, this adjustment phase also provides long-term investors with a relatively stable entry window. The market needs to wait for the real inflow of the next round of incremental capital to break through the current range-bound pattern.