Matrixport: Bitcoin enters a phase of consolidation, with multiple factors suppressing upward momentum

The latest weekly report from Matrix on Target shows that Bitcoin has currently entered a phase of consolidation, with prices under pressure from both the macro environment and market structural factors.

The Federal Reserve has repeatedly emphasized that it will not rush to cut interest rates, leading to a cooling of market expectations for easing; the dollar has stabilized and rebounded, with marginal tightening of liquidity; the capital inflow from the spot ETF at the beginning of the year has been largely digested. From the perspective of position structure, the participation and risk appetite of major buyers have weakened, with some early large holders choosing to take profits, leading to a cooling of capital inflow from spot ETFs and a clear trend of deleveraging in crypto-native funds. The report suggests that the current market signals are insufficient to support the conclusion that "the cycle has peaked," and it appears more like a slowdown and consolidation in the later stages of the cycle. If the global liquidity environment turns accommodative and central bank policies become clearer, Bitcoin is expected to improve its performance in 2026 and beyond.