Matrixport's latest report indicates that Bitcoin's downside risk is easing as the market transitions into a speculative phase. The cryptocurrency has been in a downtrend since mid-October, driven by low risk appetite, volatility convergence, and ongoing deleveraging. However, derivatives, ETFs, and technical indicators now suggest a shift in position structure. While the downward momentum has decelerated, the report notes that a clear upward consensus has yet to emerge. Additionally, the distribution of strike prices is highlighted as significant ahead of the largest Bitcoin options expiration to date, providing a crucial period for market observation.