Bitfinex Report: Bitcoin Market Structure Still Strong, Correction Possibly Healthy Adjustment Rather Than Trend Break

On June 2nd, Bitfinex issued a report stating that "Bitcoin is experiencing its first substantial pullback since the April low. Previously, its price had been on a nearly 50-day consecutive upward surge with very little pullback, rising from $74,501 to a record high of $111,880, representing a more than 50% increase. This pullback marks a change in the upward momentum and is not merely a technical correction - it is also affected by renewed macroeconomic pressure. The unexpected reimplementation of tariffs by the US government led to the 30-year US Treasury yield exceeding 5%, triggering a shift in market risk sentiment towards a 'flight to safety' mode." Meanwhile, the Bitcoin derivatives market also shows some signs of overheating. The open interest in options has reached a record high of $49.4 billion, indicating enhanced institutional activities and increased hedging and speculation after Bitcoin hit a new all-time high. This position structure suggests that the market expects increased future volatility and may face further macro challenges and structural profit-taking pressures. On-chain indicators also confirm this: the relative unrealized profit has broken through its +2 standard deviation range and entered a historically regarded 'market frenzy' area, which usually heralds intense intraday volatility or the arrival of a local top. Despite facing a pullback, we still believe that Bitcoin's structural strength remains. This adjustment is more like a healthy reset rather than a trend reversal - it is mainly driven by leveraged liquidation and profit-taking at highs, occurring after the most intense rebound in the crypto market history."