Bitfinex Report: Bitcoin Still Bullish in the Mid-Term, Conditional on Continued ETF Inflows

BlockBeats News, December 9th, Bitfinex released a report stating, "Bitcoin broke through $100,000 last week, reaching a new all-time high of $104,000. This marks a 111% increase in Bitcoin's price since the summer low of less than $50,000. However, this surge was followed by a sharp 14.84% pullback, including a rapid 10% drop in just 8 minutes — the largest retracement since the all-time high, reminiscent of the sell-off before the U.S. presidential election. This pullback triggered over $1.1 billion in liquidations, with $419 million in Bitcoin long positions, highlighting the leverage present in the market.

Nevertheless, signs of market stability are emerging. The realized profit indicator peaked when the daily average was $105 billion and has since dropped to $25 billion, alleviating selling pressure. Futures funding rates have also returned to normal, indicating a reduction in speculative leverage. While ETF inflows slowed over the weekend, they remain a key support for the market, especially against the backdrop of profit-taking by long-term holders.

As Bitcoin consolidates around $100,000, the mid-term outlook remains bullish, and further upside momentum is possible as funding rates normalize and selling pressure eases, provided that ETFs continue to see inflows."