Bitfinex report: Spot demand drives BTC stronger

Odaily News The latest report from Bitfinex Alpha states that Bitcoin continues to demonstrate remarkable resilience and structural strength, rising steadily since reclaiming the $92,000 low in late April. This rally is clearly driven by the spot market, characterized by impulsive gains followed by short and clear consolidation phases. This pattern suggests a healthy accumulation in the market, with strong underlying demand rather than excessive speculation. Cumulative spot volume increments across major exchanges have remained positive, reinforcing the view that the market is dominated by real buyers rather than leveraged traders. At the same time, derivatives positions have been passive, with open interest fluctuations highlighting a transition period characterized by short squeezes and liquidation-driven resets. The result is a healthier market fundamental, speculative bubbles have been cleaned up, and real capital flows have supported market momentum.
Analysts believe that since Bitcoin has just hit an all-time high and the spot premium remains high, the current range fluctuations may just be a period of stability before a potential breakthrough. Although the possibility of a short-term correction still exists, the overall trend remains firmly positive.