Bitcoin appears to be transitioning into a more subdued market phase as multiple on-chain and derivatives indicators point toward consolidation rather than acceleration. Recent data shared by CryptoQuant highlights a combination of restrained leverage, reduced retail participation, and notable institutional outflows, all suggesting that price action may remain range-bound in the near term.
source: https://www.ethnews.com/bitcoin-enters-a-quiet-phase-as-retail-activity-fades-and-etf-flows-turn-negative/