Bitfinex Blog/
The Retest, and the Seller That Never Left
Bitcoin is experiencing sustained selling pressure from crypto-native entities, including institutional spot ETF outflows and corporate treasury liquidations, causing a breakdown in traditional correlations with equity markets. Despite favorable macro conditions like falling yields, BTC remains in a negative-gamma regime with structural downside protection demand, leaving the $54,000 aggregate realised price as a critical support level.
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Why It Matters
The simultaneous shift of major spot-buyer complexes (ETFs and corporate treasuries) to net sellers has removed key support, leading to a breakdown in BTC's correlation with traditional risk assets and creating a mechanical downward pressure that ignores macro tailwinds.