Bitfinex report: Spot demand drives Bitcoin up

BlockBeats News: On May 21st, Bitfinex Alpha released a report stating that Bitcoin has shown strong resilience and structural strength since regaining its position at the low point of the $92000 range in late April, and the price has steadily risen. This rise is clearly driven by the spot market, characterized by a rapid and impulsive market trend after a brief and clear consolidation phase. This trend indicates that the current market is in a healthy stage of chip accumulation, with strong real demand behind it, rather than being caused by speculative overheating. The cumulative difference in spot trading volume (CVD) of major trading platforms remains positive, further confirming that the market is dominated by real buying rather than leveraged speculators. At the same time, the position performance in the derivatives market is more reactive, and the volatility of open contracts indicates that the market is in a transitional stage, accompanied by short squeeze and reset caused by strong liquidation. This kind of cleaning helps to lay a more healthy foundation, so that the speculative foam can be digested. The current upward momentum is driven by the real capital flow, and the support is more stable. Although the possibility of a short-term correction still exists, the overall trend remains positive.