Matrixport: Bitcoin is at a critical juncture, with long-term holders slowly transferring their holdings to a new generation of institutional buyers.

 Matrixport released a daily chart analysis stating, "In recent reports, we have pointed out that Bitcoin is approaching a key threshold - a typical 'bull and bear divide point', historically this signal has been very reliable.

Multiple structural indicators are issuing warning signals: futures open interest is starting to decline relative to the 90-day moving average, our trend model has turned bearish, and the price has dropped below the 21-week moving average - a level that historically marks the watershed between 'continue to go long' and 'shift to neutral' market conditions.

On the surface, Bitcoin seems very calm. Price movements are stagnant, volatility is gradually diminishing, and most investors believe the current range is just a 'normal consolidation phase'.

But this interpretation overlooks a deeper structural change: Bitcoin is not quietly consolidating, but is quietly undergoing a transfer of ownership - and this transfer is taking place in the most critical price range of this cycle.

Beneath the calm surface, long-term holders are gradually distributing chips to a new batch of institutional buyers, this transition brings a rare 'stagnation'. In addition, Bitcoin has fallen below the short-term realized price, increasing liquidation risks.

Individually, these are warning signals; but when they appear together, they constitute a clear risk warning."