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Matrixport: Bitcoin profits narrow, momentum weakens, the market may enter a long-term consolidation phase.
According to a report by analyst Markus Thielen on October 22, despite Bitcoin's price remaining high, the “real market average price” indicator (TMMP) reflects that market profits are gradually narrowing. This indicator, also known as the “active investor price,” is used to measure the overall holdings cost of active investors in the Secondary Market. Compared to the 90-day momentum model, it has been found that the market's upward momentum has significantly weakened, and investor confidence has declined. Historical experience shows that such changes often indicate a cautious market sentiment. Although this indicator has maintained a long positions pattern overall from 2023 to early 2024, recent data suggests that the market may enter a longer-term consolidation phase. As of October 22, 2025, while Bitcoin's price remains within a profitable range, market participants should be wary of the risk of continuing momentum weakening.