**[Matrixport: Bitcoin Downside Risk Eases, Market May Enter a Game Theory Phase]** Matrixport released its weekly report, noting that Bitcoin has been steadily declining since mid-October, with market sentiment turning cautious. The report highlights that Bitcoin is under pressure in an environment of volatility convergence, deleveraging, and lack of risk appetite. However, derivatives, ETFs, and technical indicators suggest that the positioning structure has shifted. The current technical setup indicates that downward momentum is easing marginally, but upward movement has yet to gain consensus. The market may transition from "downside risk dominance" to a "limited downside, upward movement still requiring catalysts" game theory phase. Additionally, with the largest-ever Bitcoin options expiration approaching, the distribution of strike prices has become a critical window for observing market pressure and opportunities.