[Bitfinex Analyst: BTC May Further Decline to the $40,000 Range, ETF and Weak Demand Intensify Selling Pressure] Deep Tide TechFlow reports, on June 29, according to CrowdFundInsider, Bitfinex analysts stated that Bitcoin is currently under sustained pressure below $60,000, significantly retreating from its historical high of over $130,000. The market's previous bets on a continued upward trend are now facing clear reversal pressure. The spot market is experiencing a 'structural withdrawal,' ETF outflows have not yet ended, and demand channels such as crypto treasuries have noticeably cooled, leaving the market lacking critical buying support. Bitfinex believes that if the short-term macro environment deteriorates further, Bitcoin's 'realized price' of approximately $53,400 will serve as an important technical support. However, under the historical four-year cycle pattern and the diminishing marginal returns assumption, the price may still see a 'final lower shadow' drop to the $40,000 range. Only if spot demand warms up again can Bitcoin potentially complete its bottoming process and resume an upward trend; otherwise, it still faces further downside risk in the short term.