Bitcoin is consolidating near critical on-chain cost levels, with key short-term support identified at $83,400 and $80,700, according to Glassnode's latest report. The market is under structural pressure, with short-term holders' cost base at approximately $96,500 serving as a pivotal bull/bear dividing line. A breach below these support levels could lead to a deeper correction. The 30-day moving average of spot ETF fund flows has stabilized, reducing structural selling pressure, though significant inflows have yet to materialize. Buying activity has improved, particularly on Binance, while Coinbase demand remains stable. In derivatives, perpetual contract funding rates are neutral, but the options market shows a defensive stance with a bearish bias, potentially increasing downside volatility. The market's future direction hinges on generating sustained demand in both spot and ETF markets.