On July 27, according to Glassnode's latest “BTC Market Pulse” report, Bitcoin retreated to $64,000 before rebounding to around $65,100, and is currently still in a range-bound consolidation. Declining leverage levels, outflows from regulated investment products, and weak on-chain activity indicate that the market is in a cautious consolidation phase. The report notes that buying momentum in the perpetual contract market has weakened and speculative confidence has declined. Although open interest has increased slightly, long-side funding rates have notably cooled, suggesting that leverage usage is becoming more rational. Options open interest continues to grow, as traders price in higher future uncertainty. Institutional demand has also weakened, with regulated investment products turning to net outflows and weekly trading volumes declining significantly. However, overall institutional positions remain slightly profitable, and valuation metrics are relatively stable. On-chain data shows that the number of active addresses remains stable, but transaction settlement pressure and capital inflows are still low. Long-term holders continue to maintain confidence, supporting market resilience. Glassnode believes that Bitcoin is currently in a calm transitional phase, with selling pressure easing, but participation from spot, derivatives, and institutional channels remains cautious.