**Bitcoin Market Update: Prolonged Consolidation and Investor Confidence**

In the past six months, Bitcoin has experienced a significant drop in capital inflows, leading to a prolonged consolidation phase, according to Glassnode. This stagnation, which began post-2024 Bitcoin halving, has seen short-term holders (STHs) facing increased financial pressure.

- **Key Insights:**

- STHs, especially those holding BTC for 1 week to 3 months, are under financial strain.

- Despite this, their unrealized losses are less severe than during the mid-2021 sell-off and March 2020 crash.

- The market is experiencing a net outflow regime, but new investor confidence remains strong.

Glassnode analysts suggest that Bitcoin's recent recovery, staying above the STH cost basis of $63,900, could signal a developing positive momentum. However, they caution that every investment involves risk, and thorough research is essential.