Recently, I looked at Glassnode data and saw some really interesting signals. The rate of capital inflow has definitely slowed down, but on the other hand, coins that have been held for a long time are coming out. This means long-term holders are increasing their stop-losses.

What's more interesting is that the price continues to move within a narrow range. It’s frustratingly sideways without much volatility, and this actually seems to be a sign that investors are getting exhausted. Glassnode analysis also considers this a typical pattern of a bear market.

Ultimately, looking at the current market structure, it still seems weak. Capital isn't flowing in much, existing holders are already exhausted and leaving, and the price is stagnant.