Bitfinex Alpha: Bitcoin has fallen into a deep adjustment zone, and the market characteristics of rebounding and reducing positions are becoming increasingly evident According to a report by Golden Finance, Bitfinex Alpha's latest report points out that Bitcoin has entered a deeper stage of adjustment, and this decline is mainly affected by factors such as record outflows of funds from spot ETFs, deleveraging of derivatives, and continued pressure from the high interest rate macro environment. At present, the yield of the US 10-year treasury bond bond remains above 4.45%, and the market's expectation of the Fed's interest rate cut is further cooled. On chain and fund flow data show that the current market is closer to the "allocation stage" rather than a "panic selling". The difference in cumulative spot trading volume (CVD) has turned from a strong accumulation in April to May to a significant negative value, indicating that buyers are continuing to exit recently. The cost base for short-term holders has fallen below the True Market Mean of $77800, indicating that a large number of new investors are in a floating loss state, bringing strong selling pressure for subsequent rebounds. As the price gradually approaches the overall realization cost base of approximately $53900, the market's trend of reducing positions during rebounds becomes increasingly evident.