Bitfinex report: Bitcoin enters a healthy consolidation phase, beware of profit-taking

Bitfinex released its latest report, which states: After falling 32% from its all-time high in January, the price of bitcoin has risen more than 50% to a new high of $111,880 and is now in a healthy consolidation phase. Strong ETF inflows, surging cash market participation and positive net realised market cap growth are driving structural buying in the market rather than speculative excess. This resilience is drawing attention to the evolving role of bitcoin as a macroeconomically sensitive, faith-driven asset that trades more in line with global liquidity flows than retail sentiment.
Looking ahead, whether Bitcoin can continue to consolidate above its short-term holding cost basis (around $95,000) remains key. With short-term holders earning more than $11.40 billion in the past month, a supply glut is expected in the near term, but structural demand cannot be ignored. Strong ETF buying, low volatility, and spot premiums all suggest that the market is maturing, and will eventually continue this momentum once the macroeconomic situation becomes clear. In the coming weeks, Bitcoin's latest breakout may only be a partial high, or a prelude to a stronger rally in the third quarter.