Bitfinex Report: Spot Demand Drives Bitcoin Price Increase

On May 21st, Bitfinex Alpha issued a report indicating that since Bitcoin reestablished itself above the $92,000 range's low point in late April, it has continuously demonstrated strong resilience and structural strength, with a steady price increase. This recent upward trend is clearly driven by the spot market, featuring a rapid surge following a brief and distinct consolidation phase. This trend suggests that the current market is in a healthy stage of chip accumulation, supported by strong real demand rather than speculative overheating. The spot cumulative volume delta (CVD) of major trading platforms remains positive, further confirming that the market is led by genuine buyers rather than leveraged speculators. Meanwhile, the position performance in the derivatives market is more reactive. The open interest of contracts shows market transition, accompanied by the unwinding of short positions and resets triggered by liquidations. This cleansing process helps establish a healthier foundation, allowing speculative bubbles to dissipate. The current upward momentum is driven by genuine fund flows, providing more solid support. Although the possibility of a short-term pullback still exists, the overall trend remains positive.