Bitcoin has retreated from its recent high of $98,000 to just above $90,000, reflecting a consolidation phase rather than a trend deterioration, according to Glassnode's latest market analysis. The report highlights a reversal in fund flows into U.S. spot Bitcoin ETFs, with strong inflows suggesting institutional reaccumulation. Despite increased trading volumes, short-term profit-taking risks persist due to higher holder profits. The market's Relative Strength Index (RSI) has declined but remains above neutral, indicating consolidation. Spot trading volumes have modestly increased, and the net buy-sell imbalance suggests easing selling pressure, though demand is still fragile. Futures open interest shows cautious speculative rebuilding, while a drop in funding rates points to reduced urgency from long-side participants. On-chain activity has stabilized, with improvements in active addresses and transfer volumes, signaling a gradual shift towards a more constructive market structure.