Svmuu News: Matthew, Head of Digital Asset Research at VanEck, posted that Bitcoin has entered a consolidation phase following a sharp decline. The 30-day average price has fallen by 19%, but the spot price has stabilized, with realized volatility dropping from 80 to 50.while the futures funding rate has dropped from 4.1% to 2.7%.Defensiveness in the options market has peaked, with the put/call open interest ratio averaging 0.77—the highest level since June 2021—and put premium relative to spot volume reaching a historic high of 4 basis points.On-chain activity and miner selling remained subdued, with transaction volume down 31% and daily transaction fees down 27%. The distribution rate among long-term holders slowed, while miners sold nearly all newly minted BTC.