According to glassnode, the monthly pace of capital netflow into Bitcoin, measured by the 30-day change in Realized Cap, turned negative in late December, ending one of the longest uninterrupted periods of positive inflows in Bitcoin’s history, source: glassnode. Glassnode reports that long-term holders have increased their loss realization while BTC trades in a compressed price range, source: glassnode. Glassnode characterizes this structure as time-based investor fatigue typical of extended bearish phases, highlighting a risk environment defined by weak inflows and elevated loss-taking by long-term cohorts, source: glassnode.