Analysis: On chain data releases bearish signals, Bitcoin rebound faces sustained selling pressure Odaily Planet Daily News: Bitfinex Alpha's latest report points out that Bitcoin has entered a deeper stage of adjustment, with a low of $59200 on June 5th, a cumulative pullback of 53% from its historical high in October 2025. The decline this time is mainly influenced by factors such as the record breaking outflow 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. At the same time, 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. At the macro level, the US economy continues to grow, but inflation erodes residents' real income. The job market is performing steadily, with job vacancies reaching a new high in nearly two years, and new employment continuing to exceed the level of population replacement. The medical, manufacturing, construction, and leisure service industries are all expanding. However, inflation growth is expected to continue to exceed wage growth, leading to a decrease in real purchasing power and making the Federal Reserve face a more complex balance between maintaining employment and controlling inflation. The key driving factor for the current market trend has shifted towards actual returns. Influenced by rising energy prices and geopolitical risks, inflation expectations continued to rise, pushing up the nominal and real yields of US treasury bond bonds simultaneously. The higher actual yield increases the opportunity cost of holding non yielding assets, leading investors to reassess their risk asset allocation. Bitcoin is at the forefront, with the largest outflow of funds since the listing of US spot ETFs, and the market shifting from betting on interest rate cuts to valuing the risk of "higher interest rates lasting longer". Bitfinex Alpha believes that at the current stage, the trend of actual returns has become the most important variable affecting the performance of traditional financial markets and digital asset markets. Despite short-term pressure, the institutionalization process is still advancing. The report points out that Securitize's approval to list on the New York Stock Exchange means that tokenization infrastructure is further integrating into the traditional financial system; At the same time, the US GENIUS Act promotes the construction of a regulatory framework for stablecoins, bringing issuing institutions under similar compliance requirements as traditional financial institutions. The Bitcoin institutional market is also maturing, with both ETF fund outflows and Strategy adjusting its balance sheet strategy more like regular asset allocation behavior rather than a weakening of institutional confidence. Overall, digital assets are gradually being absorbed by the mainstream financial system and are subject to the same macro environment, regulatory framework, and capital allocation logic as traditional assets.