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

Jinse Finance reported that Matrixport released its daily chart analysis, stating, "In several recent reports, we pointed out that bitcoin is approaching a critical threshold—a typical 'bull-bear dividing line' that has historically proven to be highly reliable. Multiple structural indicators are flashing warning signals: futures open interest relative to the 90-day moving average has started to decline, our trend model has turned bearish, and the price has fallen below the 21-week moving average—a level that has historically marked the watershed between 'continuing to go long' and a 'neutral' market state. On the surface, bitcoin appears calm. Price movement is stagnant, volatility is gradually fading, and most investors believe the current range is just 'normal consolidation.' However, this interpretation overlooks a deeper structural change: bitcoin is not quietly resting, but is instead undergoing a silent transfer of ownership—and this transfer is taking place within the most critical price range of this cycle. Beneath the calm surface, long-term holders are gradually distributing their chips to a new batch of institutional buyers, and this handover has created a rare sense of 'stillness.' In addition, bitcoin has already fallen below the short-term realized price, increasing liquidation risk. Individually, these are all warning signals; when they appear together, they constitute a clear risk warning."