Bitfinex report: Spot demand drives BTC stronger

Odaily Planet Daily News Bitfinex Alpha's latest report pointed out that Bitcoin continues to show remarkable resilience and structural strength, rising steadily since recovering the low of $92,000 in late April. This round of rise is clearly driven by the spot market, characterized by impulsive rises after a short and clear consolidation phase. This pattern shows that the market is accumulating healthily, with strong potential demand rather than excessive speculation. The cumulative spot volume increments of major exchanges have remained positive, which reinforces the view that the market is dominated by real buyers (rather than leveraged traders). At the same time, derivatives positions have been passive, and the volatility of open interest contracts highlights the transition period characterized by short squeezes and liquidation-driven resets. The result is a healthier market foundation, speculative bubbles are cleared, and real capital flows support 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 only be a period of stability before a potential breakthrough. Although the possibility of a short-term correction remains, the overall trend remains firmly positive.