[Matrixport: BTC Balances on Exchanges Decline, Bullish Signals Weaken] Matrixport's daily chart analysis highlights that Bitcoin balances on exchanges continue to decline. Historical data shows that exchange balances and prices typically exhibit an inverse relationship: when balances decrease, it often corresponds to a bullish environment; when balances increase, it is usually associated with bearish phases. In this cycle, the two trends have shown a clear divergence. With the growing participation of institutional players, more transactions are shifting off-exchange and being completed via OTC trading desks. Institutional capital is gradually taking a dominant role, and the market structure is undergoing adjustments. Unlike previous cycles, retail trading is largely absent this time, and price movements are increasingly influenced by the inflow and outflow of institutional funds.