Matrixport: Bitcoin Lacks New Narratives, Weak ETF Flows May Lead to Continued Consolidation

Odaily News Matrixport's latest analysis points out that the core reason for Bitcoin's recent continued consolidation is the "lack of narrative." Data shows that Bitcoin spot ETFs have recorded net outflows for three consecutive months. Although several U.S. wealth management institutions have gradually opened allocation channels, these new channels have not brought corresponding incremental funds, indicating overall weakness in ETF capital flows.

Matrixport believes that marginal demand from the traditional finance (TradFi) side may have reached a stage of saturation. In terms of timing, July was the last significant window of net inflows, after which capital momentum has continued to weaken. The report notes that Bitcoin may need a "narrative reset" or a new core pricing theme to form substantial support at the capital and expectation levels and to re-attract TradFi funds; the current price action is more likely a phase of correction rather than a long-term trend reversal.