Bitfinex report: BTC has been consolidating for 81 days, and traders are waiting for clearer macro signals

Odaily News Bitfinex Alpha reports that BTC has been stuck in a narrow trading range of $91,000 to $102,000 over the past 81 days, reflecting that traders are waiting for clearer macroeconomic signals before making a decisive move.
The report highlights that despite escalating global geopolitical tensions, BTC has shown little directional momentum. Its weekly performance was only a 4.3% peak-to-trough fluctuation, closing slightly higher by 0.82%.
This period of stagnation has also impacted altcoins, many of which are struggling amid the uncertainty. The broader altcoin market has significantly underperformed Bitcoin, with meme coins such as PEPE suffering huge losses, down 46.4% over the past month. Meanwhile, Bitcoin’s price stability suggests capital is flowing from altcoins to BTC, further solidifying its position as the dominant digital asset.
The global altcoin market cap has fallen by $234 billion in just 14 days. Despite this decline, Bitcoin has remained relatively stable, indicating a growing divergence from the rest of the market. This trend highlights Bitcoin’s growing correlation with macroeconomic conditions and its maturity as a risk-on asset.
Another key indicator, the Inter-Exchange Flow Pulse (IFP), turned bearish on February 15 for the first time since June 2024. This shift suggests that traders may be reducing their risk exposure, which could lead to further downside pressure. However, the IFP remains above its 90-day moving average, leaving room for a potential market rebound.
Furthermore, Bitcoin investors have recorded the largest real losses of the current bull cycle. Short-term holders (STH) have been particularly affected. This group has seen losses of $520 million, which is comparable to levels seen during previous market corrections. Meanwhile, long-term holders (LTH) continue to hold their positions.
While bullish catalysts such as Abu Dhabi's investment in BlackRock's Bitcoin ETF provided some support, traders remained cautious. (CryptoSlate)