In a recent analysis by Bitfinex Alpha, it was highlighted that after achieving an unprecedented **all-time high** earlier this year, Bitcoin faced a notable **32% pullback**. However, this decline was countered by a vigorous rebound that pushed its value beyond **$111,880**. Presently, Bitcoin has transitioned into a stable **consolidation phase**, driven by robust **ETF inflows** and increased **spot market participation**. The recent uptick in **realized net capital** showcases that market dynamics are primarily influenced by foundational buying pressure instead of speculation.
Despite some macroeconomic challenges, such as prospective tariffs, Bitcoin has demonstrated remarkable resilience with no substantial value degradation observed during phases of profit-taking. This trend signifies Bitcoin’s evolution as a **macro-sensitive, belief-driven asset**, aligning more closely with global liquidity changes. Additionally, significant institutional moves, like Metaplanet’s acquisition of **$104 million** in Bitcoin and favorable crypto legislation proposed in Michigan, underscore increasing institutional and regulatory support. Looking forward, whether Bitcoin sustains its position above the **$95,000 cost basis** for short-term holders will be critical for its trajectory.
In the previous month, profits realized by short-term holders surpassed **$11.4 billion**, suggesting potential short-term selling pressure. Yet the ongoing strength in ETF buying and market indicators signal maturity. While macroeconomic conditions fluctuate, optimism remains as traders await clarity on whether Bitcoin’s recent price action hints at a significant **Q3 rally** or represents a phase top in its ongoing evolution.