{"id":137413,"date":"2026-02-23T12:57:30","date_gmt":"2026-02-23T12:57:30","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=137413"},"modified":"2026-02-23T12:57:30","modified_gmt":"2026-02-23T12:57:30","slug":"bitfinex-alpha-sideways","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=137413","title":{"rendered":"Bitfinex Alpha | Sideways"},"content":{"rendered":"
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Bitcoin remains confined within the $66,000\u2013$70,000 range, consolidating after the February 5 drawdown, currently the deepest of this cycle. Volatility has compressed, and momentum has faded, signalling a transition from a liquidation-driven decline into a more balanced environment. On-chain data shows that much of the recent downside has been absorbed within the $60,000\u2013$69,000 demand band. This cohort of holders, who are now near breakeven, has largely refrained from accelerating distribution, helping stabilise price and contribute to a more sideways moving market.<\/p>\n

Institutional flows, however, remain cautious. Bitcoin ETFs recorded net weekly outflows of roughly $166 million, with Ethereum products also seeing persistent redemptions, underscoring that sustained accumulation has yet to return. While late-week inflows offered a tentative stabilisation signal, the broader liquidity backdrop remains subdued. The Realised Profit\/Loss Ratio<\/a> continues to compress toward historically defensive territory, indicating limited capital expansion across the network. Meanwhile, derivatives positioning has normalised<\/a>, with funding rates neutral to slightly negative, reducing liquidation risk but also limiting upside acceleration.<\/p>\n

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For a durable breakout to materialise, the market will require a clear resurgence in spot demand and stronger institutional participation; until then, Bitcoin is likely to remain range-bound within its established absorption zone.<\/p>\n

The US economy closed 2025 with slower headline growth but with still persistent inflation, reinforcing a restrictive policy backdrop. Fourth-quarter Gross Domestic Product expanded at an annualised 1.4 percent, weighed down<\/a> significantly by the federal government shutdown and reduced public spending. However, private-sector momentum remained resilient. Business investment, particularly in artificial intelligence infrastructure, strengthened, while industrial production improved, and housing starts rose.<\/p>\n

Inflation remains the key constraint. Core Personal Consumption Expenditures<\/a>\u00a0 reached 3 percent year-on-year, limiting the Federal Reserve\u2019s scope for near-term rate cuts. At the same time, the Supreme Court\u2019s decision<\/a> to strike down emergency tariffs introduces potential fiscal stimulus through refunds that could reach up to $175 billion, though this would widen the deficit and add complexity to inflation expectations.<\/p>\n

Meanwhile, Washington has set a March 1 deadline<\/a> to resolve disagreements over the Digital Asset Market Clarity Act (CLARITY Act), which would divide oversight between the SEC and the CFTC, establish a legal framework for digital commodity spot markets, and potentially end regulation-by-lawsuit. The central dispute is whether stablecoin holders should be allowed to earn yield, with banks pushing for a comprehensive ban on rewards while crypto firms argue this would distort competition and undermine existing business models.<\/p>\n

Against this macro backdrop of moderating growth and firm prices, crypto markets continue to institutionalise. Harvard University\u2019s endowment<\/a> diversified its digital asset exposure by reallocating from a Bitcoin ETF into an Ethereum ETF, signalling portfolio refinement rather than reduced conviction. CME Group\u2019s move<\/a> toward 24\/7 crypto derivatives trading further aligns regulated markets with crypto\u2019s continuous structure, reflecting sustained institutional demand. Meanwhile, new SEC guidance<\/a> reducing stablecoin capital haircuts to 2 percent lowers balance sheet friction and supports deeper integration of blockchain-based settlement into traditional finance.<\/p>\n

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The post Bitfinex Alpha | Sideways<\/a> appeared first on Bitfinex blog<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Review full report Subscribe to Bitfinex Alpha Subscribe to Bitfinex Alpha! Want to receive Alpha from Bitfinex every week? Subscribe Bitcoin remains confined within the $66,000\u2013$70,000 range, consolidating after the February 5 drawdown, currently the deepest of this cycle. Volatility has compressed, and momentum has faded, signalling a transition from a liquidation-driven decline into a […]<\/p>\n","protected":false},"author":0,"featured_media":137414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-137413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/137413"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=137413"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/137413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/137414"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=137413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=137413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=137413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}