Analysis shows signs of improvement in the on-chain structure of Bitcoin, but capital inflow remains a key constraint

Matrixport stated in its latest weekly report that after experiencing a phase of pressure at the end of 2025, there are signs of improvement in Bitcoin's on-chain structure. As long as the price can hold above the key structural support level, the institution's tactical judgment remains cautiously bullish.

Multiple valuation and positioning indicators are stabilizing, indicating that downside risks have lessened compared to earlier periods, and the market seems to be emerging from a fragile phase rather than entering a new round of pullback. However, this round of recovery is still constrained by two factors: insufficient inflow of incremental funds and limited willingness of long-term holders to increase their positions. If new funds cannot continue to enter the market, upward momentum is likely to remain limited; even if there is a brief breakout, it will be harder to form a sustainable trend. Overall, a more suitable strategy is to participate cautiously and select opportunities. Investors should remain in the market but must maintain discipline, waiting for clearer confirmations from fund flows and on-chain profit level indicators before considering a substantial increase in risk exposure.