[Analysis: Signs of Improvement in Bitcoin On-Chain Structure, but Capital Inflows Remain a Key Constraint] Matrixport stated in its latest weekly report that after experiencing a phase of pressure at the end of 2025, Bitcoin's on-chain structure has shown signs of improvement. As long as the price holds above key structural support levels, the institution's tactical outlook remains cautiously bullish. Several valuation and position indicators are stabilizing, suggesting that downside risks have narrowed compared to earlier periods. The market appears to be emerging from a fragile phase rather than entering a new round of pullbacks. However, this recovery is still constrained by two factors: insufficient incremental capital inflows and limited willingness of long-term holders to increase their positions. If new funds fail to consistently enter the market, upward momentum is likely to remain restricted. Even if there are brief breakouts, it will be more challenging to establish a sustainable trend. Overall, a more appropriate strategy is to participate cautiously and select opportunities carefully. Investors should remain engaged but must maintain discipline, waiting for clearer confirmation from capital flow and on-chain profit level indicators before considering a substantial increase in risk exposure.