{"id":72749,"date":"2025-06-09T11:33:26","date_gmt":"2025-06-09T11:33:26","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=72749"},"modified":"2025-06-09T11:33:26","modified_gmt":"2025-06-09T11:33:26","slug":"bitfinex-alpha-btc-at-a-crossroads","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=72749","title":{"rendered":"Bitfinex Alpha | BTC at a Crossroads"},"content":{"rendered":"
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A textbook run-up in Bitcoin fuelled by strong spot demand, profit-taking by long-term holders and a resurgence in macro risk have combined to pull the asset back over 10 percent from its all-time high. The final leg of the decline on June 5th saw over $875 million in long liquidations<\/a> in a single day\u2014highlighting the extent of deleveraging. With over $1.9 billion in total liquidations across the past week, leverage has now been forcefully reset. Technical structure shows that BTC\u2019s ascent was underpinned by genuine demand, as shown by a spot-led stair-step rally<\/a>, with key accumulation clusters forming at $93,000\u201396,000, and $102,000\u2013104,000.<\/p>\n

On-chain indicators now point to rising sell pressure as older holders begin to distribute. The Spent Supply Distribution (SSD)<\/a> quantiles and Short-Term Holder (STH) Cost Basis<\/a> bands offer a clear roadmap. The SSD 0.95 quantile at $103,700 marks the first support zone, followed by $97,100 (STH Cost Basis) and $95,600 (SSD 0.85), with $83,200 as the key risk-off level. These levels are crucial as they reflect cost basis zones for large holders and recent buyers, serving as potential demand re-entry points or liquidation triggers.\u00a0<\/p>\n

In a nutshell, Bitcoin is now at a crossroads\u2014balanced between structural support and waning bullish momentum, waiting for its next macro cue.<\/p>\n

The US macroeconomic landscape continues to show signs of strain as job growth slowed<\/a> in May, reflecting early pressure from ongoing trade tensions and tariff uncertainty.\u00a0<\/p>\n

While wage gains remained solid, a shrinking labour force and downward revisions to past employment data<\/a> suggest the labour market\u2019s resilience is beginning to erode. At the same time, both the manufacturing and services sectors contracted<\/a>, driven by rising input costs and declining demand, underscoring the widespread impact of tariffs across the economy. Construction spending has also declined<\/a> for three straight months, and inflationary pressures are mounting as businesses struggle to absorb higher costs.\u00a0<\/p>\n

On the trade front, the US deficit narrowed<\/a> due to falling imports\u2014particularly from China\u2014but this decline signals weakening demand rather than strength, raising concerns about future inventory shortages and inflation. Meanwhile, investor appetite for long-term US debt is faltering<\/a>, with auction data and futures markets pointing to skepticism about fiscal stability.\u00a0<\/p>\n

Crypto adoption is accelerating on multiple fronts, with IG Group<\/a> becoming the first UK-listed company to offer spot crypto trading to retail investors. Partnering with Uphold, IG now enables direct purchases of bitcoin and other tokens, marking a shift from speculative derivatives to true asset ownership. This move coincides with the UK Financial Conduct Authority\u2019s proposal<\/a> to lift its ban on crypto exchange-traded notes (cETNs) for retail investors, signalling broader regulatory support for digital assets. Meanwhile, Japan\u2019s Metaplanet announced<\/a> a \u00a5850 billion ($5.4 billion) equity raise to aggressively expand its bitcoin holdings, aiming for 210,000 BTC by 2027\u2014underscoring Asia\u2019s growing role in institutional crypto adoption.<\/p>\n

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The post Bitfinex Alpha | BTC at a Crossroads<\/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 A textbook run-up in Bitcoin fuelled by strong spot demand, profit-taking by long-term holders and a resurgence in macro risk have combined to pull the asset back over 10 percent from its all-time high. The […]<\/p>\n","protected":false},"author":0,"featured_media":72750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-72749","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\/72749"}],"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=72749"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/72749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/72750"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}