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Jinse Finance reported that Matrixport released its daily chart analysis, stating that the current cryptocurrency cycle is markedly different from previous ones, with capital shifting from early-stage project bets to mature companies eligible for IPOs. Altcoins, venture capital funds, and hedge funds have all underperformed compared to bitcoin, reinforcing a "winner-takes-all" pattern—where the strongest participants continue to capture market share. Retail investors remain largely on the sidelines, while institutional funds are concentrated in companies that can access public markets and have the ability to operate at scale. On-chain data shows that the continuous selling by miners and early holders has almost offset the inflows from ETFs and treasury funds, which not only reduces market volatility but also weakens bitcoin's appeal to risk-seeking investors. However, Wall Street has strong incentives to extend the bull market: the cryptocurrency sector has pending IPOs totaling $226 billions, with an expected $30–45 billions in new capital to be raised. These IPOs are moderate in size, with a low number of circulating shares (low float), which may amplify price volatility and make stock allocation a potential profit opportunity.

Jinse Finance reported that, according to on-chain analyst @ai_9684xtpa, a certain address (0x35d...5aCb1) has short positions on BTC, ETH, and SOL, with an unrealized loss of $8.826 million. Details are as follows: SOL: 20x leveraged short position, position size $58.1 million, entry price $199.39, unrealized loss $7.436 million. ETH: 25x leveraged short position, position size $13.16 million, entry price $4,179.5, unrealized loss $847,000. BTC: 40x leveraged short position, position size $12.06 million, entry price $114,436.2, unrealized loss $542,000.