In its latest "Matrix on Target Weekly Report," Matrixport stated that the latest FOMC meeting results were largely in line with market expectations, but the dot plot did not provide clear guidance on the subsequent policy path, instead increasing market uncertainty about the future pace. However, judging from interest rate and asset price performance, these uncertainties are still relatively limited in the current price levels. Powell's cautious remarks, coupled with early signs of a weakening labor market, indicate that the current macroeconomic environment is different from that at the beginning of the year. The report points out that against this backdrop, Bitcoin broke below a key long-term trend level for the first time in this bull market, and its price movement is similar to the market rhythm before and after midterm elections in previous years. Although discussions about "the Fed restarting balance sheet expansion" have intensified recently, overall liquidity in the crypto market remains tight, retail transaction activity has not yet rebounded significantly, and the impact of political factors on market sentiment and trading behavior may not have been fully priced in. Matrixport believes that with multiple factors intertwined, the market is transitioning from a single-trend market to a more complex structure. In this stage, the importance of position management and risk control has significantly increased. The report maintains its previous assessment that even if the current market situation is not defined as a bear market, the current consolidation phase is still highly likely to continue.