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According to a report by Jinse Finance, the latest Bitfinex Alpha report highlights that after entering May, BTC successfully broke through the dense selling pressure zone of $78,000 to $79,000, briefly approaching $83,000. This round of growth was primarily driven by spot demand rather than leveraged funds. Since May 8, spot CVD (Cumulative Volume Delta) has risen significantly, indicating that buyers are actively absorbing market supply. ETF inflows and open market accumulation have become the main driving forces, while long-term holders have now accumulated nearly 4 million BTC, marking the largest increase since the pandemic crash in 2020. This suggests that circulating supply in the market is being further locked up. Currently, the market estimates a 94% probability that the Federal Reserve will keep interest rates unchanged in June. Amid macroeconomic uncertainty, institutional funds continue to actively position themselves in the crypto market.