**[Glassnode: BTC Rebounds to $65,000 but Remains in Consolidation, ETF Outflows and Leverage Cooling Limit Upside Momentum]** BlockBeats News, July 27 — According to the latest report from on-chain analytics firm Glassnode, Bitcoin recently rebounded from around $64,000 to approximately $65,100 but remains in a consolidation phase, with the market continuing its corrective pattern. The report noted that after BTC previously hit a local high of $66,700, it retraced, and the current spot price remains within the statistical volatility range. Exchange liquidity has contracted, active selling pressure has eased, but overall market participation remains low. Data from the derivatives market indicates that the buying activity in perpetual contracts has declined, and speculative capital confidence has weakened. Although overall open interest (OI) has slightly increased, funding rates for long positions have cooled significantly, suggesting more cautious leverage usage. Meanwhile, options open interest continues to grow, and the volatility spread has widened, indicating that traders are positioning for higher uncertainty in the future. On the institutional side, regulated investment products have recently turned to net outflows, with weekly trading volumes noticeably declining. However, institutional holdings remain in a slight profit position, and valuation support levels remain stable. On-chain data similarly shows that the market has entered a low-activity phase. The number of active addresses remains steady, but on-chain settlement demand and transaction pressure are weak, with capital inflows stagnating. At the same time, long-term holders continue to exhibit strong confidence, supporting the resilience of BTC's holding structure. Glassnode stated that the Bitcoin market is currently in a "quiet transition phase," with both unrealized losses and realized losses declining. Selling pressure is easing, but participation from spot, derivatives, and institutional funds remains insufficient, limiting short-term upward momentum. [Original Link]