[Matrixport: Bitcoin May Have Entered a Minor Bear Market Phase] Matrixport stated that cryptocurrency trading volume remains weak relative to market size. Over the past 12 months, the total market capitalization has dropped from $3.7 trillion to $2.4 trillion, while daily trading volume has decreased from $352 billion to $178 billion, a 50% decline. This divergence may reflect limited market participation and weakened upward momentum. Based on recent on-chain indicators, Bitcoin may have entered a minor bear market phase. Although there are potential catalysts, the ability to drive a sustained upward trend remains uncertain. Additionally, in a low-liquidity environment, reported trading activity and fee revenue on exchanges remain sluggish.