Oh, Bitcoin. Just when we thought it couldn’t get any more thrilling, it took a wild dive from its all-time high of $111,880—proving once again that in the world of cryptocurrencies, nothing stays stable for long.
According to a report by Bitfinex analysts, released on June 2, Bitcoin might have fallen off its sky-high perch, but it’s not all doom and gloom. Despite its rollercoaster-like pullback, the asset still stands tall. After a meteoric 50% rally in just 45 days, things got a little too hot, thanks to some macroeconomic turbulence. Yes, you guessed it—reinstated tariffs sent Treasury yields soaring and kicked up a storm in both stocks and Bitcoin. A little turbulence never hurt anyone, right? Well, except maybe traders who over-leveraged themselves… 😅
The analysts explain that while the Bitcoin derivatives market may be feeling a bit overheated, the future still looks pretty solid. So, no need to panic just yet, folks!
“Despite the pullback, we believe Bitcoin remains structurally strong. This correction appears to be a healthy reset rather than a breakdown—driven by leverage flushing and profit realisation after one of the sharpest recoveries in crypto history,” says Bitfinex in its *oh-so-confident* report.
Bitcoin: Struggling with Macroeconomic Chaos and Traders’ FOMO
In an ever-volatile game, Bitfinex analysts note that open interest shot up to a jaw-dropping $49.4 billion, which screams that traders are hedging their bets and holding their breath for what’s next. More volatility? Probably. Buckle up! 😬
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“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,” says Bitfinex. Oh joy, more dramatic ups and downs ahead! 🙄
Despite all these juicy risks, Bitcoin still has its fan club. Institutional adoption is on the rise, with even GameStop—yes, the same GameStop that’s trying to crawl out of its retail slump—investing a cool $513 million in Bitcoin. Talk about a plot twist! Looks like Bitcoin’s still holding strong, even if the road is bumpy.
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2025-06-02 22:39