Matrixport: Bitcoin lacks new narrative, weak ETF funding may lead to continued consolidation.

A recent analysis by Matrixport points out that the core reason for Bitcoin's recent consolidation lies in a "lack of narrative." Data shows that Bitcoin spot ETFs have recorded net outflows for three consecutive months. Although several US wealth management institutions have opened up access points, the new channels have not brought corresponding incremental funds, and the overall ETF funding situation remains weak. Matrixport believes that marginal demand in traditional finance (TradFi) may have reached a point of saturation. From a timeline perspective, July was the last significant window for net inflows, after which funding momentum has continued to weaken. The report suggests that Bitcoin may need a "narrative reboot" or a new core pricing theme to form substantial support in terms of funding and expectations and re-attract TradFi funds; the current trend is more likely a temporary correction than a long-term trend reversal.