Bitfinex Alpha #158 - Community Summary

Bitfinex Alpha: BTC at a Crossroads

📊 Read the full Bitfinex Alpha report: https://go.bitfinex.com/BFXAlpha158 Or explore the key highlights from this edition below:

Macroeconomic Factors

Bitcoin has pulled back over 10% from its all-time high, driven by profit-taking, macroeconomic pressure, and a textbook liquidation cascade. On June 5 alone, more than $875 million in long positions were liquidated, contributing to over $1.9 billion in total liquidations throughout the week. This correction appears to be a leverage reset, with technicals still showing strong support levels due to healthy accumulation.

Key demand zones are located around $93K–96K and $102K–104K. On-chain indicators point to increasing sell pressure as older holders start distributing. The Spent Supply Distribution and Short-Term Holder Cost Basis bands now act as important levels:

• $103,700 (SSD 0.95)
• $97,100 (STH Cost Basis)
• $95,600 (SSD 0.85)
• $83,200 as the key risk-off threshold

BTC now sits at a critical juncture, dependent on structural support holding and awaiting a fresh macro trigger.

The US economy continues to show strain. May job growth slowed, with downward revisions to previous months and a shrinking labour force. Manufacturing and services sectors contracted amid rising input costs and declining demand.

Construction spending fell for the third consecutive month, and import declines from China led to a narrower trade deficit—though this suggests weakening demand. Investors are also increasingly sceptical of long-term US debt, as auctions show fading appetite and concerns about fiscal discipline grow.

Crypto Industry Developments

Adoption continues to expand. UK-listed IG Group became the first to offer spot crypto trading to retail clients via a partnership with Uphold—marking a shift from derivatives to real asset ownership. At the same time, the UK Financial Conduct Authority proposed lifting its ban on crypto ETNs for retail, signalling growing regulatory support.

Meanwhile, Japan’s Metaplanet announced a ¥850 billion ($5.4 billion) equity raise to expand its BTC treasury, aiming for 210,000 BTC by 2027. This bold strategy reflects Asia’s increasing influence in institutional Bitcoin investment.

📊 Read the full Bitfinex Alpha report: https://go.bitfinex.com/BFXAlpha158

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