According to online reports, chain analytics firm Glassnode noted that the bitcoin market is still in a long-term consolidation phase, which is very similar to the period from the end of 2019 to the beginning of 2020.。Capital inflows to the Bitcoin network have slowed since March's all-time high, challenging the profitability of short-term holders.。However, despite the net outflow of local capital, new investor confidence in the market remains fairly strong, with a "very modest" rise in the long side of the perpetual futures market in recent weeks.。