According to ChainCatcher, analyst Markus Thielen's latest report shows that although bitcoin's price remains at a high level, the "True Market Mean Price" (TMMP) indicator reflects that market profits are gradually narrowing.
This indicator, also known as the "Active Investor Price," is used to measure the overall holding cost of active investors in the secondary market. Compared with the 90-day momentum model, it is found that market momentum has significantly weakened and investor confidence has declined. Historical experience shows that such changes often indicate a shift towards caution in market sentiment. Although this indicator maintained a bullish pattern overall from 2023 to early 2024, recent data suggests the market may be entering a longer-term consolidation phase. By 2025, while bitcoin's price is still in the profit range, market participants should be alert to the risk of continued weakening momentum.