Glassnode reports that after Bitcoin fell below $60k, it briefly dropped to around $58k before stabilizing near $60k. The spot market continues to see net selling, the derivatives market is further deleveraging, and ETFs are experiencing sustained net outflows, with the overall market remaining in a defensive stance. On-chain capital flows have recovered somewhat, but network activity remains low, with more chips shifting to short-term holders. Glassnode believes that Bitcoin is still in a consolidation phase, and a sustained rebound still requires a significant recovery in market sentiment.