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Bitfinex: Traders Inclined to Sell on Rallies Rather Than Accumulate Chips
Summary: According to reports from Bitfinex, Bitcoin is entering a phase where spot demand weakness and sustained structural fatigue are intertwined, showing signs of stabilization but far from a healthy recovery. Despite a rebound from recent lows, BTC remains confined to a narrow range of $84,000 to $91,000, while the S&P 500 index is nearing historical ...
According to reports from Bitfinex, Bitcoin is entering a phase where spot demand weakness and sustained structural fatigue are intertwined, showing signs of stabilization but far from a healthy recovery. Despite a rebound from recent lows, BTC remains confined to a narrow range of $84,000 to $91,000, while the S&P 500 index is nearing historical highs, highlighting Bitcoin's relative weakness deepening and decoupling from traditional risk assets intensifying. On-chain data shows over 7 million BTC are currently in an unrealized loss state, similar to the situation during the consolidation period in early 2022, further indicating the market's struggle to recover to true market value - a key boundary between the soft mid-cycle and full bear market deterioration. However, capital inflows remain mildly positive, providing a weak buffer against further downside. Meanwhile, spot demand has significantly deteriorated: the US Bitcoin ETF continues to see outflows, with a sharp decline in active buying interest, and the cumulative trading volume difference on major trading platforms has clearly turned negative, indicating traders are inclined to sell on rallies rather than accumulate chips.
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Link: Bitfinex: Traders Inclined to Sell on Rallies Rather Than Accumulate Chips [Copy]
