Over the past six months, the inflow of capital into the Bitcoin network has seen a sharp decline, pushing Bitcoin into a prolonged consolidation phase. This trend has persisted since the 2024 Bitcoin halving, with short-term holders (STH), who have held Bitcoin for less than 155 days, demonstrating negative market momentum. Despite the real price gradient remaining positive, it is on a downward trajectory, indicating that Bitcoin’s price is declining at a faster rate than the capital exiting the network. While many newer investors are facing losses, their unrealized losses are relatively smaller compared to the ... (full story)