Bitcoin Enters Deep Correction Amid Macro Pressures and Outflows

According to the Bitfinex Alpha report, Bitcoin has entered a deep correction phase, dropping to a low of $59,200 on June 5, a 53% drawdown from its all-time high in October 2025. Primary pressures include outflows from spot ETFs, deleveraging in derivatives markets, and a high-interest-rate environment. On-chain data indicates the market is nearing an "accumulation phase," with the cost basis of short-term holders falling below $77,800, increasing unrealized loss pressure. Price is approaching the $53,900 realized cost basis, showing clear signs of rebound-driven distribution. The report notes that real yield trends have become a key variable, as digital assets continue to integrate into traditional finance and institutional adoption progresses steadily.