Bitcoin Price Remains Stuck in Consolidation Phase

Bitcoin's price has been experiencing a consolidation phase for weeks, with minimal movement in recent days. According to data compiled by SoSoValue, spot Bitcoin ETFs have shed over $315 million in assets, bringing the monthly outflow to over $993 million.

The funds have now lost over $6 billion in the past few months, with a cumulative total net inflows since their inception of $54 billion. They currently hold over $85 billion in assets, with BlackRock's IBIT holding over $51 billion.

Bitcoin's demand from Digital Asset Treasury companies has also been waning, with only a handful of companies continuing to accumulate the cryptocurrency. This lack of demand is contributing to the bearish sentiment surrounding Bitcoin.