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According to a report by Jinse Finance, Matrixport's weekly report states that while Bitcoin has reached new all-time highs, its overall momentum appears particularly fragile. Key indicators that previously showed sustained growth are now diverging significantly, raising doubts in the market about the sustainability of this rally. Debt expansion, seasonal factors, and changes in on-chain structure are jointly influencing the market. Some data reflect a tendency for profit-taking, while other indicators suggest that the core drivers of the bull market remain intact. The gap between short-term enthusiasm and long-term confidence is narrowing rapidly, and the coming weeks may prove to be a critical juncture for determining the market's direction. Over the past six weeks, we have maintained a relatively cautious trading stance. This is because Bitcoin's recent breakout attempts have lacked the confidence and follow-through momentum seen in previous sustained rallies. The timing overall is somewhat awkward, and the key indicators that have consistently supported strong upward moves have not appeared in unison. Therefore, it is not surprising that Bitcoin is currently maintaining a range-bound pattern. We believe that reassessing downside risk signals at this time and determining whether a shift to a more defensive position is necessary is a prudent strategy. Although Bitcoin reached another all-time high last week, on-chain data may provide a more accurate reflection of the market's internal health and momentum shifts.