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

Golden Finance reports that Matrixport has released a daily chart analysis stating, “In several recent reports, we pointed out that Bitcoin is approaching a key threshold—a typical 'long positions and short positions dividing line', which historically has often proved to be highly reliable.” Multiple structural indicators are issuing warning signals: the 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—this level has historically been the dividing line between “continue to go long” and “turn neutral” market states. On the surface, Bitcoin seems very calm. The price trend has stagnated, volatility is gradually fading, and most investors believe that the current range is just a “normal consolidation.” But this interpretation overlooks a deeper structural change: Bitcoin is not quietly resting, but is subtly undergoing a transfer of ownership—and this transfer is happening 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, and this handover has brought about a rare “sense of stillness.” Furthermore, Bitcoin has fallen below the short-term realized price, increasing the risk of liquidation. Individually, these are warning signals; however, when they appear in combination, they constitute a clear risk warning.