**[Matrixport: The Market Enters a Phase of Consolidation, Premature to Define as "Cycle Peak"]** According to a report by Jinse Finance, Matrixport shared its market perspective, stating that Bitcoin has entered a phase of consolidation, with its price simultaneously facing macroeconomic and structural pressures. As the Federal Reserve repeatedly emphasizes that it will not rush to cut interest rates or ease policies, market expectations for rapid easing have gradually cooled, leaving a lack of new easing catalysts in the short term. Meanwhile, the U.S. dollar has stabilized and rebounded near its cyclical lows, liquidity has tightened marginally since mid-summer, and the strong capital inflows brought by spot ETFs earlier this year have largely been absorbed, with subsequent spot buying momentum significantly slowing. These multiple factors combined have suppressed the continued upward trend of the market. From the perspective of position structure, the participation and risk appetite of major buyer groups have weakened simultaneously. Some early large holders have opted to take profits in batches, while capital inflows into spot ETFs have cooled concurrently. Coupled with several recent liquidation events, native crypto funds have proactively deleveraged, leading to more cautious overall positioning. On the price level, Bitcoin has fallen below several key cost reference ranges, and historically, when the market is in this range, it often enters a consolidation phase rather than immediately restarting a trend. Overall, these signals are insufficient to support the conclusion that "this cycle has already peaked." Instead, they are more indicative of the typical slowdown and consolidation seen in the later stages of a cycle. Structurally, the market is undergoing a process of token redistribution and position contraction, creating conditions for more cost-effective allocation ranges in the future. Looking ahead, if the global liquidity environment shifts from tight to loose and the monetary policy paths of major central banks become clearer, Bitcoin's medium-term performance in 2026 and beyond could improve. Until then, maintaining patience remains the more prudent choice.