ETF continues to see net outflows, and on-chain activity isn't picking up either. Glassnode's report is pretty straightforward—this is the bottoming phase, and we'll have to wait for confidence to return.

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.