**[Bitfinex Report: Crypto Market in Consolidation Phase]** The latest Bitfinex Alpha report indicates that the crypto market is currently in a consolidation phase rather than experiencing a cascading decline. Last week, Bitcoin's price fell 21.46% from its historical high in October, reaching a low of $99,045 and breaking below the psychological threshold of $100,000. The report suggests that this may signal the formation of a new consolidation bottom rather than a large-scale sell-off. Historical market and on-chain data show that the current price movement resembles mid-cycle adjustments in previous cycles, with structural participants stabilizing positions and rotating capital during this process. Bitcoin failed to hold the short-term holder cost price of $112,500, with the price retreating below this critical level, confirming a retest of deeper structural support.