Bitfinex report: Bitcoin enters a healthy consolidation phase, short-term holders' profit-taking may trigger selling pressure

Mars Finance News: On May 27, Bitfinex Alpha released a report stating that after hitting a historical high in January, Bit experienced a 32% pullback but subsequently rebounded strongly by over 50%, reaching a new high of $111,880 and currently entering a healthy consolidation phase. Strong ETF capital inflows, surging spot market participation, and positive "realized net capital" growth have driven structural buying in the market, rather than excessive speculation. Despite a decline in macro risk appetite, such as rumors of the US potentially imposing a 50% tariff on European imports, Bit remained resilient - without showing significant declines during deleveraging and profit-taking. This resilience is drawing market attention to Bit potentially evolving into a "macro-sensitive, belief-driven asset" whose trading behavior is now more closely related to global liquidity trends rather than retail sentiment. Notably, Japan's Metaplanet company increased its Bit holdings by $104 million, and Michigan proposed legislation favorable to crypto assets, further validating growing institutional and policy-level support for digital assets. Looking forward, whether Bit can maintain consolidation above its short-term holder cost basis (around $95,000) will be crucial. In the past month, short-term holders have realized over $11.4 billion in profits, potentially creating some selling pressure, but structural demand remains. ETF buying strength, low volatility, and spot market premium signals indicate the market is maturing, and further increases may occur once the macro environment becomes clearer. Currently, the next few weeks will determine whether this Bit breakthrough is a temporary peak or a prelude to a stronger Q3 rally.