Coinbase Institutional has noted that despite the end of quantitative tightening and the Federal Reserve's return to the bond market improving liquidity, Bitcoin remains under pressure. The cryptocurrency has fallen below a key bull market support level, with options sentiment turning bearish and significant selling by long-term holders. Additionally, there has been a substantial net outflow from spot ETFs, and a noticeable slowdown in digital asset treasury (DATs) activity. Coinbase suggests that the current market environment is more suited for waiting for breakout trades rather than attempting to catch falling prices.