Bitcoin’s Backbone Holds Firm Through Market Turmoil—Bitfinex Sees Structural Strength

Despite a brutal sell-off rattling crypto traders, Bitcoin’s fundamentals refuse to crack. Bitfinex analysts flag deep resilience in on-chain metrics—even as paper-handed investors flee.

No panic in the protocol. Network activity and hodler accumulation patterns suggest this dip might just shake out weak hands before the next leg up. Classic Bitcoin.

Meanwhile, Wall Street ’risk managers’ still can’t tell a hash rate from an interest rate. Some things never change.

Bitcoin faces macro uncertainty, profit taking

Bitfinex analysts note that open interest ROSE to an all-time high of $49.4 billion, indicating that traders are increasingly hedging their bets and speculating on the asset. In both cases, this suggests that traders are anticipating more volatility.

Adding to this narrative is a decline in consumer spending, driven by growing concerns over the effects of tariffs. At the same time, unrealized profitable positions in Bitcoin have risen to historic levels, likely leading to significant profit taking ahead.

“On-chain metrics corroborate this: the Relative Unrealised Profit indicator has broken above its +2 standard deviation band, a historically euphoric zone that typically precedes sharp intraday swings and local tops,” Bitfinex report.

Despite these risks, other developments suggest that Bitcoin remains in a strong position. Notably, institutional adoption is picking up, with more and more companies diversifying into Bitcoin. One of them is GameStop, which invested $513 million in BTC, in an effort to diversify from its declining Core business.