Subjective time flows forward, the phenomenal self is embedded into this flow, an inner history unfolds. That it is why it is not a bubble, but a tunnel: There is movement in time.

Consciousness is phenomenologically subjective whenever there is a stable, consciously experienced first-person perspective.

As a first-order approximation, I would say that phenomenality is "availability for introspective attention": Consciousness is a property of all those mental contents to which you can in principle direct your attention.

For a human being, to possess a consciously experienced first-person perspective means to have acquired a very specific functional profile and distinctive level of representational content in one's currently active phenomenal self-model: It has, episodically, become a dynamic inner model of a knowing self.

Speaking as a phenomenologist, it seems to me that a considerable portion of mind wandering actually is "mental avoidance behaviour", an attempt to cope with adverse internal stimuli or to protect oneself from a deeper processing of information that threatens self-esteem.

As modern-day neuroscience tells us, we are never in touch with the present, because neural information-processing itself takes time. Signals take time to travel from your sensory organs along the multiple neuronal pathways in your body to your brain, and they take time to be processed and transformed into objects, scenes, and complex situations. So, strictly speaking, what you are experiencing as the present moment is actually the past.

The self is not a thing, but a process.