Crypto markets continue to flash weak activity metrics. According to the latest Bitfinex Alpha report, Bitcoin is currently pinned in a tight range between its long-term and short-term holder realized prices.
Analysts note that dried-up liquidity and plunging onchain transfer velocity signal the market is grinding through the middle to late stage of a bear cycle.
Key support levels
Bitcoin is currently trading between the long-term holder realized price at $52,699 and the short-term holder realized price at $67,176.
"The realized price median near $63,200 has provided support over the past two weeks. However, a break below that level could put the June low of $57,803 back in focus," Bitfinex analysts warned.
Meanwhile, BTC spot trading volume has collapsed to levels not seen since early 2019, while onchain velocity dropped to a seven-year low.
Shrugging off macro tailwinds
Researchers pointed out that a favorable macro backdrop has done little to boost crypto sentiment. Even as U.S. inflation cools, financial conditions ease, and equity markets touch fresh all-time highs, these tailwinds aren't converting into digital asset inflows.
Over the past week, U.S. spot Bitcoin ETFs recorded $385.2 million in net outflows.
At the same time, total stablecoin supply slipped 4.5% from its May peak to $300.7 billion, signaling that fresh capital has yet to re-enter the ecosystem.
This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.
