Bitcoin's price has shown signs of stabilization after weeks of fluctuations. The market appears to be in a consolidation phase, which could lead to another price movement. According to recent data from CryptoQuant and Glassnode, selling on exchanges has weakened, while open interest in BTC futures has increased.
The options market sentiment has returned to normal, indicating that traders are no longer drastically increasing downside hedges. In the institutional segment, CoinShares and SoSoValue data show a reduction in Bitcoin ETF outflows, which could indicate a decrease in net selling from U.S. funds.
Consolidation enables institutions and funds to adjust their positions gradually without forced liquidation. However, the reappearance of 'hot capital', short-term, high-turnover flows, introduces increased risk, as such capital may intensify fluctuations even as realized profits increase.