Matrixport Research: BTC price breaks new high, market long-term allocation intention is clear - ChainCatcher

The BTC price has broken through the 110,000 USD mark. Although geopolitical tensions and tariff-related news have created uncertainty in the overall market environment, proper operations can still seize the opportunities presented by this round of pump.

The participation of retail investors in this round of market trends is low, and the dynamics of large holders have become a key indicator of price fluctuations.

Despite the fact that BTC price has reached a historic high, traditional retail participation indicators remain surprisingly sluggish, causing many traders to miss out on this round of rise. This market trend largely lacks the impetus of retail capital. Unlike the fervent atmosphere and emotional excitement seen in previous bull markets, this rise clearly lacks retail momentum. Funding rates remain low, retail trading activity is extremely low, and the performance of other mainstream crypto assets is also generally lagging.

Unlike previous bull market cycles, the current proportion of retail investors in the BTC holding structure is no longer rising. This contradicts a widely circulated view that BTC is still in the early stages of absorbing billions of new users. On-chain data shows that a large amount of circulating BTC is being continuously absorbed by a few whale-sized wallets.

With the accelerated evolution of this trend, clarifying how enterprise-level demand drives price behavior and its continuation cycle has become key to market judgment. Continuously monitoring on-chain data and wallet activity will help gain insights into the evolving direction of the holding power structure and identify key price ranges where large holders may enter or reduce their positions.

BTC ownership transfer is in progress, and the market's long-term allocation intentions are clear.

In this round of market activity, retail investors are largely absent, which well explains why the funding rate and trading volume remain persistently low. We are witnessing a silent and orderly transfer of BTC ownership—from early users, investors, miners, and exchanges, gradually flowing to a new generation of institutional investors represented by MicroStrategy. This structural shift further indicates that the demand for call options continues to be weak, and the implied volatility remains low.

The current round of pump is mainly driven by the continuous accumulation in the spot market, rather than speculative derivatives trading, reflecting the long-term allocation intentions of the market rather than short-term speculation sentiment.

In sudden market corrections, some traders often suffer significant losses due to misjudgment. The key to the losses is not the temporary liquidation during a sharp drop—in some cases, this practice is reasonable. The real issue is that they failed to identify potential correction risks in advance, and even when relevant warning signals appeared, they still chose to ignore the analytical conclusions.

Disclaimer: The market carries risks, and investment should be approached with caution. This article does not constitute investment advice. Trading in digital assets may involve significant risks and volatility. Investment decisions should be made after careful consideration of personal circumstances and consulting financial professionals. Matrixport is not responsible for any investment decisions made based on the information provided herein.