Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are entering Q1 on cautious sentiment after months of range-bound trading.

Bitcoin Sentiment Shifts

In its Charting Crypto Q1 report, Glassnode in collaboration with Coinbase (NASDAQ:COIN) Institutional, stated that Bitcoin continues to trade in a low-conviction sentiment regime.

Net Unrealized Profit/Loss (NUPL) shifted from Belief to Anxiety during October’s liquidation event, a transition that historically aligns with consolidation phases where investors stay engaged but hesitant.

Structurally, this backdrop leaves room for upside if volatility continues to compress or macro conditions remain supportive.

The October liquidation also flushed…

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