@Sakura please summarize this article, thanks uwu.
TLDR:
Bitcoin’s market shows signs of consolidation with weakening momentum and increased sell-side pressure. 
Key Points:
- Bitcoin price has pulled back to around $85K.
- Spot volume is stable but indicates a consolidation phase.
- Sell-side dominance is confirmed with negative Spot CVD.
- On-chain activity is weak, with reduced profitability and rising losses.
- Market remains fragile, needing demand to stabilize.
In-depth summary:
In the latest BTC Market Pulse report, Bitcoin has experienced a pullback to approximately $85K, with market momentum softening. The spot trading volume remains stable but subdued, indicating that the market is currently in a consolidation phase rather than moving decisively in either direction. The report highlights a significant shift towards sell-side dominance, as evidenced by the negative Spot CVD, which suggests that selling pressure is outweighing buying interest.
Additionally, the derivatives market shows mixed signals. While futures open interest has decreased, indicating a reduction in leverage, there is a surge in long-side funding, suggesting renewed demand for bullish positions. However, the perpetual CVD has dropped to lower levels, indicating a more defensive stance among traders. The options market reflects caution, with a slight decline in open interest and an elevated volatility spread, signaling increased demand for downside protection.
On-chain metrics reveal a decline in active addresses and transfer volumes, along with compressed fees, which points to reduced demand for block space. Profitability is also under pressure, with a rise in realized losses and a decrease in the supply of Bitcoin in profit. Overall, the market conditions are becoming more defensive, and while leverage is cooling, persistent sell-side pressure and rising hedging demand indicate that the market remains fragile, relying on a return of demand to stabilize.
ELI5:
Bitcoin’s price has dropped to about $85,000, and the market is not very active right now. There are more people selling than buying, which is making things a bit shaky. Many traders are being careful and looking for ways to protect themselves from losses. Overall, the market needs more buyers to feel stable again.
Writers main point:
The primary point of the article is that Bitcoin’s market is currently in a defensive state, with increased selling pressure and weak on-chain activity, indicating a need for renewed demand to stabilize prices.