火星财经消息，Matrixport 发布今日图表分析称，“比特币即将创下历史新高，但大多数加密货币交易者似乎并未做好准备。隐含波动率处于多年来的低位，资金费率仅略微为正，这些都清楚表明散户杠杆交易在近几个月显著减少。这轮比特币牛市似乎在缺乏散户参与的情况下持续进行。与我们最初预期的全球采用推动价格上涨不同，现状显示长期投资者正在积累和持有比特币。”

<div>火星财经消息，Matrixport 发布今日图表分析称，“比特币即将创下历史新高，但大多数加密货币交易者似乎并未做好准备。隐含波动率处于多年来的低位，资金费率仅略微为正，这些都清楚表明散户杠杆交易在近几个月显著减少。这轮比特币牛市似乎在缺乏散户参与的情况下持续进行。与我们最初预期的全球采用推动价格上涨不同，现状显示长期投资者正在积累和持有比特币。”</div>

Matrixport：比特币牛市或在散户参与减少下进行

According to Mars Finance, Matrixport released today's chart analysis stating, "Bitcoin is about to reach a historic high, but most cryptocurrency traders seem unprepared. The implied is at a multi-year low, and funding rates are only is only slightly positive, which clearly indicates that retail leveraged trading has significantly decreased in recent months. This Bitcoin bull market appears to be continuing without retail participation. Unlike our initial expectation of global adoption driving price increases, the current situation shows that long-term investors are accumulating and holding Bitcoin."

<div>Mars Finance News: Matrixport released today's chart analysis stating, "Bitcoin is about to set a new historical high, but most cryptocurrency traders seem unprepared. The implied volatility is at a multi-year low, and funding rates are only slightly positive, which clearly indicates that retail leveraged trading has significantly decreased in recent months. This Bitcoin bull market appears to be continuing without retail participation. Unlike our initial expectation of global adoption driving price increases, the current situation shows that long-term investors are accumulating and holding Bitcoin."</div>

Matrixport: Bitcoin bull run may proceed with reduced retail participation

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...

Galaxy: 26 Predictions for the Crypto Market in 2026

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...

Tom Lee responds to Fundstrat's "contradictory" views on Bitcoin: Different positions, different timelines, not internal disagreements.

While fixed-rate returns are higher, liquidity is a price crypto users are unwilling to pay.