On-chain analytics firm Glassnode posted 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. Since the all-time high in March, capital inflows into the Bitcoin network have slowed, which poses a challenge to the profitability of short-term holders. However, despite experiencing a local net capital outflow, new investors' confidence in the market remains quite strong, and there has also been a very modest rise in long preference in the perpetual futures market in recent weeks.