[Matrixport: Bitcoin's current trend is driven by holder structure, with increased short-term pullback pressure] Foresight News reports that Matrixport has published an analysis indicating that the market's demand for Bitcoin options has clearly shifted toward bearish contracts, as seen from the skew trend in options. This structural change suggests increased short-term pullback pressure, which is related to Trump's proposal to impose a 10%-25% tariff on European goods, thereby heightening macroeconomic uncertainty. Despite the rise in risk aversion sentiment, Bitcoin's trend has not exhibited typical safe-haven asset characteristics. Against the backdrop of institutional investors tightening risk exposure and overall positions becoming more defensive, the price remained largely flat over the weekend and softened slightly on Monday. This current trend is more about investors conducting short-term risk management amid escalating external uncertainties. Based on on-chain and position data, the rhythm of long-term capital remains relatively stable overall.