Matrixport: Bitcoin May Have Entered a Minor Bear Market Phase

Matrixport stated that "relative to market size, cryptocurrency trading volume remains weak. Over the past 12 months, the total market capitalization has risen from $2.4 trillion to $3.7 trillion, while daily trading volume has decreased from $352 billion to $178 billion, a decline of 50%. This divergence may indicate more limited market participation and weakened upward momentum, and if this situation persists, a cautious stance may be required. According to recent on-chain indicators, Bitcoin may have entered a small bear market phase. Although there are several potential catalysts, their ability to drive a sustained upward trend remains uncertain. In the context of lower liquidity, reported trading activity and fee income in the market remain sluggish."