ChainCatcher 消息，Matrix on Target 最新周度报告显示，比特币目前进入阶段性盘整阶段，价格同时承受宏观环境与市场结构性压力。
美联储多次强调不会急于降息，市场对宽松预期降温；美元企稳回升，流动性边际收紧；年初现货 ETF 带来的资金流入已基本消化。从持仓结构看，主要买方参与度与风险偏好走弱，部分早期大额持有者选择获利了结，现货 ETF 资金流入降温，加密原生资金降杠杆趋势明显。报告认为，当前市场信号不足以支撑“周期已见顶”结论，更像是周期后段的节奏放缓与整理，若全球流动性环境转松且央行政策明朗，比特币有望在 2026 年及以后改善表现。
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