@Sakura please summarize this article, thanks uwu.
TLDR:
Bitcoin is currently facing demand exhaustion and market fatigue, with long-term holders selling off, leading to a cautious outlook for recovery. 
Key Points:
Bitcoin trades below key cost basis levels, indicating weakening momentum.
Long-term holders are selling more BTC, exceeding 22K per day, contributing to market pressure.
The options market shows increased put demand, reflecting a defensive sentiment among traders.
Elevated volatility and bearish positioning suggest a cautious phase before any potential recovery.
A longer consolidation period may be needed to rebuild market strength.
In-depth summary:
The latest analysis reveals that Bitcoin is trading below critical cost basis levels, signaling a phase of demand exhaustion and declining momentum. Currently, Bitcoin is struggling to reclaim the short-term holders’ cost basis of approximately $113.1K, which historically indicates a potential mid-term bearish phase. The market is experiencing repeated failures to recover these levels, raising concerns about a prolonged consolidation phase as weaker hands capitulate. Long-term holders have ramped up their selling activities, now exceeding 22,000 BTC per day, which adds to the pressure on market stability.
In the options market, there has been a notable shift towards defensive positioning, with rising demand for puts over calls. This trend indicates that traders are hedging against potential downturns rather than expressing optimism for a rally. The open interest in Bitcoin options has reached an all-time high, suggesting a structural evolution in market behavior where investors are increasingly using options to manage exposure and speculate on volatility. This shift reduces direct selling pressure in the spot market but amplifies short-term volatility due to dealer hedging activities.
Overall, the current market dynamics reflect a cautious sentiment, with elevated volatility and bearish positioning dominating the landscape. The analysis suggests that a recovery in Bitcoin’s price will likely depend on renewed spot demand and a stabilization of volatility. Until then, the market may need to undergo a longer consolidation phase to rebuild confidence and absorb the supply being distributed by long-term holders.
ELI5:
Bitcoin’s price is going down because people who bought it a while ago are selling it now. This makes it hard for the price to go back up. Many traders are worried and are buying options to protect themselves from losing money instead of betting that the price will rise. The market is feeling a bit scared, and it might take a while for things to get better again. 
Writers main point:
The primary point of the article is that Bitcoin is experiencing significant demand exhaustion and market fatigue, leading to a cautious outlook for recovery, with long-term holders selling off and the options market reflecting defensive sentiment.