TechFlame News - According to market sources, research and brokerage firm K33 indicates that the current Bitcoin market structure, derivative positions, and ETF fund flows bear a striking resemblance to the late stages of the 2022 bear market, suggesting a potential prolonged consolidation phase rather than a swift rebound. K33 Research Head Vetle Lunde notes that proprietary indicators reveal an "uncanny similarity" between the current situation and September-November 2022 (near the bear market bottom). However, historical patterns suggest that market bottoms are often followed by extended consolidation periods, with average 90-day returns in similar environments hovering around just 3%. Data shows Bitcoin has declined nearly 28% since January, with funding rates negative for 11 consecutive days, open interest dropping below 260,000 BTC, and long positions being unwound. Spot trading volume fell 59% week-over-week, while futures open interest hit a four-month low. On the institutional side, CME traders have been relatively inactive, and Bitcoin ETP holdings have decreased by 103,113 BTC since their peak in October last year. However, 93% of the peak exposure remains, indicating institutions are primarily reducing exposure rather than exiting entirely. The Fear and Greed Index recently hit a historic low of 5, but Lunde points out that the average 90-day return from buying during periods of extreme fear is only 2.4%, far below the 95% return during extreme greed periods, suggesting fear is not a reliable indicator of a strong rebound. He expects Bitcoin to consolidate within the $60,000–$75,000 range for an extended period, noting that current entry points are attractive but require patience.