Bitcoin’s significant drop in capital inflows over the last six months is contributing to the current price consolidation.
In the past six months, the Bitcoin network has seen a significant drop in capital inflows, with the Bitcoin (BTC) price stuck in a “lengthy consolidation phase,” according to Glassnode.
This extended period of consolidation, which has persisted since after the 2024 Bitcoin halving, has seen the short-term holder (STH) cohort, those who have held BTC for less than 155 days, market gradient turn negative while the realized price gradient remained positive but trending lower.
“This indicates that downside in the spot price was more aggressive than the intensity of capital outflows,” Glassnode analysts said in a Sept. 25 report.
