Bitfinex: Bitcoin Profit-Taking Has Nearly Exhausted, Short-Term Holders Hover Around Break-Even for 36 Consecutive Days

The latest Bitfinex Alpha weekly report highlights that Bitcoin's recent price increase has been primarily driven by spot ETF capital inflows, with a net inflow of $486.8 million over the past two trading days. Meanwhile, profit-taking in the market has nearly exhausted—adjusted Spent Output Profit Ratio (aSOPR) has remained below 1 for 10 consecutive trading days, indicating that the average Bitcoin being moved is at a loss. Long-term holders' SOPR averages 0.83, with Sunday hitting as low as 0.69, while short-term holders' SOPR has fluctuated within 1% of break-even for 36 consecutive days. Since early June, Bitcoin's price has been confined to the $60,795-$65,700 range. Regarding ETFs, the two-day net inflow of approximately 7,600 BTC is more than eight times the new mining output during the same period, but the demand engine has yet to form a clear trend.