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

[Matrixport: Bitcoin is at a critical dividing point, long positions holders are slowly transferring chips to a new generation of institutional buyers] Matrixport released its daily chart analysis stating, "In several recent reports, we pointed out that Bitcoin is approaching a key threshold - a typical 'dividing point between long positions and short positions', which historically has proven to be highly reliable. Multiple structural indicators are sending warning signals: the open interest in futures is starting to decline relative to the 90-day moving average, our trend model has turned bearish, and the price has fallen below the 21-week moving average - this level has historically been the watershed between 'continuing to go long' and 'turning neutral' market states. On the surface, Bitcoin seems calm. The price trend is stagnant, volatility is gradually fading, and most investors believe the current range is just a “normal consolidation.” But this interpretation overlooks a deeper structural change: Bitcoin is not quietly resting; instead, a transfer of holdings is quietly occurring—and this transfer is taking place in the most critical price range of this cycle. Beneath the surface calm, long-term holders are gradually distributing their chips to a new batch of institutional buyers, creating a rare sense of “stillness.” Additionally, Bitcoin has fallen below the short-term realized price, increasing the liquidation risk. Viewed in isolation, these are all warning signals; when they appear in combination, they constitute a clear risk warning.