[Analysis: Bitcoin Enters 'Mini' Bear Market, Future Trends Highly Dependent on Federal Reserve Policy] Matrixport's latest report indicates that Bitcoin has entered a 'mini' bear market phase, with multiple trends and on-chain models having previously issued warning signals. The report highlights that the market lacks upward momentum, ETF inflows have weakened, institutional investors have reduced exposure, and the macroeconomic environment lacks catalysts, all contributing to a significant decline in Bitcoin's price. Future trends will be highly dependent on the Federal Reserve's policy decisions. The market is currently at a critical juncture, and attention should be paid to whether structural levels and macro triggers will lead to a deeper correction or a bottoming phase.