According to @glassnode, BTC is consolidating in the $104k to $116k air gap after significant investor absorption, highlighting a neutral range-bound regime for price action. According to @glassnode, futures and spot ETF flows show cooling demand, signaling softer momentum from derivatives and fund inflows. According to @glassnode, strength above $116k could revive the uptrend, while a breakdown would put $93k to $95k at risk as the next downside target. According to @glassnode, the trading focus is on a confirmed breakout above $116k or a failure that transitions price toward the $93k to $95k support zone.