Glassnode Report: Overall, the market remains fragile as stabilizing technical momentum contrasts with weakening capital inflows and declining profitability. ETF outflows and slowing institutional demand point to a lack of sustainable liquidity support, while P&L dynamics continue to weaken. The accumulation in the blockchain remains, but is not sustainable, indicating capital rotation rather than new demand. In the absence of stronger inflows or renewed liquidity, the market risks moving into a longer consolidation or even a protracted bearish phase as participant confidence is restored.