Despite recent market volatility and a downturn, Bitcoin’s underlying structure remains strong. A recent report by Glassnode reveals that high spot trading volumes persist, fueled by ongoing ETF inflows and adjusted on-chain transfer activities, demonstrating continued market vitality. These trends suggest that while leveraged participants have exited the market, long-term institutional capital and demand remain steady. This deleveraging process marks a necessary adjustment in the Bitcoin market. It has led to decreased speculative positions and a re-alignment of short-term sentiment, resulting in a shift from heightened volatility to a more cautious consolidation phase. This phase is characterized by renewed caution, selective risk-taking, and a gradual rebuilding of confidence in both spot and derivatives markets.