Glassnode: Bitcoin's decline from recent highs reflects a weakening of momentum, not a worsening trend According to Glassnode's market analysis weekly report released on Monday, the flow of funds for US spot Bitcoin ETFs has sharply reversed, showing strong inflows and indicating that institutions have re accumulated their holdings. Despite the increase in ETF trading volume, the increase in holder profits also brings short-term profit taking risks. Bitcoin has fallen from its recent high of $98000 to just over $90000. On January 14th, the Relative Strength Index (RSI) fell but remained above neutral levels, indicating that it is in a consolidation phase rather than a trend deterioration phase. The spot trading volume has moderately increased, and the net buying and selling imbalance has exceeded the upper limit of the statistical band, indicating a significant reduction in selling pressure, but demand remains fragile. The slight increase in open futures contracts reflects cautious reconstruction of speculative activities, while the sharp decline in funding rates indicates a decrease in the urgency of multiple parties. The option market continues to face high uncertainty in valuation, and there is still a need for downside protection. On chain activities tend to stabilize, with an improvement trend in the number of active addresses and transfer volume, and a slight increase in network costs. Short term holder supply remains high, making the market sensitive to price fluctuations. Overall, Bitcoin is in a consolidation phase, but the increasing buying power and institutional interest are driving the market structure towards a more constructive direction.