TechFlow news, November 7: Matrix on Target's latest weekly report shows that Bitcoin has currently entered a phase of consolidation, with prices facing simultaneous pressure from the macro environment and market structural factors. The Federal Reserve has repeatedly emphasized it will not rush to cut rates, cooling market expectations for monetary easing; the U.S. dollar has stabilized and rebounded, leading to a marginal tightening in liquidity; the capital inflows driven by spot ETFs at the beginning of the year have been largely absorbed. From a holdings structure perspective, participation and risk appetite among major buyers have weakened, some early large holders have chosen to take profits, inflows into spot ETFs have cooled, and there is a clear trend of deleveraging among native crypto funds. The report suggests that current market signals are insufficient to support the conclusion that "the cycle has peaked," but rather reflect a slowing pace and consolidation during the later stage of the cycle. If global liquidity conditions turn looser and central bank policies become clearer, Bitcoin could see improved performance from 2026 onward.
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