🚀 Bitcoin Rally Driven by Aggressive Spot Demand, Says Bitfinex
BTC’s breakout above $80K is powered by real buyers, not just speculation, as on-chain data shows a sharp shift in spot demand.
📊 What’s Driving the Move
⏩ Spot CVD spiked after May 8: Buyers lifting offers and absorbing supply at premium levels
⏩ Order books rebalanced: Shifted from bid-skewed to neutral, showing stronger absorption
⏩ ETF + open-market buying: Demand coming from ETFs and direct accumulation, not just derivatives
📈 Structural Breakout Confirmed
⏩ BTC rallied 12% since April, adding $200B to crypto market cap
⏩ Broke above $78K–$79K supply zone and reclaimed True Market Mean at ∼$79,800
⏩ Trading near $80,900, peaked close to $83,000
🐋 Conviction Buyers Accumulating
Entities that rarely sell now hold ∼4M BTC, with the largest surge since the COVID crash. Historically, this cohort’s growth precedes major recoveries.
⚖️ Macro Backdrop
Bitfinex notes the rally comes as U.S. economic data worsens but sentiment diverges. Weak consumer data is pushing risk assets like BTC higher.
♦️ Note: Strategy’s spot buying slowed as its STRC-linked purchases stalled below $100 par value, and the firm is now looking to sell some BTC.
#Bitcoin #CryptoNews #SpotDemand #OnChain $BTC