Bitcoin's market structure is showing signs of stress. Short-Term Holders remain deeply underwater, with realized price spreads still heavily negative across all major age cohorts. Meanwhile, Binance flows have turned highly volatile, funding rates are flat, and Coinbase Premium remains negative. This combination points more toward retail capitulation and liquidity cooling than fresh institutional demand. Historically, these conditions often precede extended consolidation before the next major trend emerges. #Bitcoin $BTC #OnChain #CryptoMarkets #Binance #Trading