Matrixport's latest weekly report indicates that Bitcoin experienced its longest period of consolidation in recent years this summer, with the market's sensitivity to price fluctuations significantly decreasing. Meanwhile, capital flows and holdings are shifting: traditional wallets continue to sell, while large holders are quietly buying back in as exchange balances decline. In the options market, demand for downside protection is strong, and overall sentiment is leaning towards panic. Driven by multiple factors, including the Federal Reserve meeting, inflation data, and fiscal risks, market volatility may escalate again. The key lies in whether mainstream positions can adapt to Bitcoin's next trend.