Bitfinex Alpha: Bitcoin adjustment affected by macro environment and capital outflow

According to the Bitfinex Alpha report, Bitcoin has entered a deep adjustment phase, with a low of $59200 on June 5th, a 53% retracement from its historical high in October 2025. The outflow of funds from spot ETFs, deleveraging of derivatives, and pressure from high interest rate environments are the main reasons. On chain data shows that the market is approaching the "allocation stage", and the short-term holder cost base has fallen below $77800, increasing the pressure of floating losses. The price is close to 53900 US dollars to achieve a cost basis, and there is a clear rebound and reduction in holdings. The report points out that the trend of actual returns has become a key variable, digital assets are gradually integrating into the traditional financial system, and the institutionalization process continues to advance.