A recent report by Glassnode and Fasanara Digital disputes the notion of an impending crypto winter, despite Bitcoin's 18% drop over the past three months. The report emphasizes that Bitcoin has attracted over $732 billion in net new capital since the 2022 cycle low, with its realized cap reaching $1.1 trillion. Additionally, the report notes a significant decrease in volatility and robust ETF activity, which contradict typical crypto winter patterns. The analysis further indicates that miner performance and historical drawdowns suggest the market is experiencing a mid-cycle consolidation rather than a full reversal. This perspective offers a more optimistic outlook on the current state of the cryptocurrency market, challenging the prevailing bearish sentiment.