**[Bitfinex Report: Bitcoin Experiences Deepest Pullback of Current Cycle, Crypto Market Gradually Enters Consolidation Phase]** Deep Tide TechFlow News, February 23 — The latest Bitfinex Alpha report indicates that Bitcoin has been consolidating within the $66,000–$70,000 range since its decline on February 5, marking the deepest pullback of this cycle. Narrowing volatility and weakening momentum suggest the market is transitioning from liquidation-driven downturns to a more balanced consolidation environment. On-chain data shows that the recent decline has largely been absorbed by the demand zone between $60,000–$69,000. Holders in this near break-even range have not accelerated selling, contributing to price stability and the formation of a sideways trend. Additionally, institutional capital flows remain cautious, with Bitcoin ETFs seeing a net outflow of approximately $166 million in a single week. Ethereum-related products also continue to experience redemptions, indicating that sustained accumulation has yet to return. While weekend inflows provided initial signs of stabilization, overall liquidity remains low. The realized profit and loss ratio has continued to shrink to historically defensive levels, reflecting limited capital expansion within the network. Derivative positions have normalized, with funding rates trending neutral to slightly negative. This reduces liquidation risks but also limits the acceleration of upward momentum.