Analysis suggests that Bitcoin's on-chain structure is showing signs of improvement, but capital inflows remain a key constraint.

According to Mars Finance, Matrixport stated in its latest weekly report that after the period of pressure at the end of 2025, Bitcoin's on-chain structure has shown signs of improvement. As long as the price can hold above key structural support levels, the institution maintains a cautiously bullish tactical outlook. Multiple valuation and positioning indicators are stabilizing, suggesting that downside risks have diminished compared to the previous period, and the market appears to be emerging from a fragile phase rather than entering a new round of pullback. However, this recovery is still constrained by two factors: insufficient inflow of new funds and limited willingness among long-term holders to increase their holdings. If new funds cannot continuously enter the market, upward momentum will likely remain limited, and even if there is a brief breakout, it will be difficult to form a sustainable trend. Overall, a more appropriate strategy is to participate cautiously and select opportunities carefully. Investors should remain in the market, but must adhere to discipline, and only consider substantially increasing their risk exposure after the flow of funds and on-chain profitability indicators provide clearer confirmation.