Bitfinex: ETF capital flows will be a key variable in the future price trend of Bitcoin

Bitfinex Alpha's latest report supports that the current Bitcoin trend is under dual pressure from weakening demand and a deteriorating macro environment, with the market's future direction gradually being dominated by ETF fund flows.

Currently, after failing to break through the range high, Bitcoin has fallen back to near the monthly opening level. The recent rise has been driven more by short liquidations rather than support from spot buying, reflecting insufficient upward momentum.

At the same time, there has been a noticeable change in institutional funds. The continuous net outflow of Bitcoin ETFs indicates that the market is actively de-risking, and the capacity to absorb funds has significantly slowed down, further suppressing price performance.