Matrixport: Market doubts about future pace have increased, but uncertainty is limited According to a report by Golden Finance, Matrixport released its weekly report stating that "the latest FOMC interest rate cut was as expected, but the forward guidance did not provide a clear direction for subsequent policies, and the market's doubts about the future pace have instead increased. However, from the perspective of interest rates and asset price performance, the reflection of these uncertainties in current prices is still limited. Powell's slightly wavering statements, coupled with early signs of a weakening labor market, also indicate that the current macro environment is vastly different from the beginning of the year. In this context, Bitcoin has fallen below the key long-term trend level for the first time in this bull market, and its trend is quite similar to the market rhythm before previous midterm elections. Although there have been frequent claims of the Federal Reserve restarting its balance sheet expansion in recent times, the overall liquidity of cryptocurrencies remains tight, and trading has not shown a significant rebound. Meanwhile, the impact of political factors on market sentiment and trading behavior may not have been fully accounted for in prices. Under the interweaving of multiple factors, the market is shifting from a single trend to a more complex pattern. At this stage, the importance of position management and risk control significantly increases. According to our assessment in the report on October 31, 2025, even if we do not classify the current situation as a bear market, this roulette wheel consolidation is highly likely to continue