Matrixport: The exchange BTC balance continues to decline, and its long positions signal is weakening.

[Matrixport: Exchange BTC Balance Continues to Decline, Its Long Positions Signal is Weakening] Matrixport released a daily chart analysis stating that the balance of Bitcoin on exchanges is still declining. Historically, the balance on exchanges and prices mostly show a reverse relationship: when the balance decreases, it usually corresponds to a bullish environment; when the balance rebounds, it often occurs during a bearish phase. From the overlay of the two curves, a noticeable divergence has emerged in the trends of the two in this cycle. As institutional participants continue to increase, more and more trades have shifted to the over-the-counter market, completed by OTC trading desks. This trend indicates that institutional capital is gradually moving towards a dominant position, and the structure of the Bitcoin market is also undergoing adjustments and evolution. Compared to previous cycles, the notable change in this round of market activity is the significant absence of retail trading, with price movements being more driven by the inflow and outflow of institutional funds.