Bitfinex: Bitcoin is expected to enter a range trading period

ChainCatcher news, Bitfinex's latest report shows that Bitcoin has reached a new all-time high (ATH) after a significant price surge in March, and it is expected that the price will enter a range trading period with increased volatility.

According to statistics, profits captured through on-chain transactions exceed $2.6 billion, with 40% belonging to long-term holders. Further analysis indicates that new investors are entering the market and increasing their positions under the belief that the market can rise further. Spot Bitcoin ETFs have also become an important support for the market. Last week, net inflows into ETFs resumed, and passive demand continues. At the current inflow rate, Bitcoin demand is approximately twice the value of Bitcoin produced through mining.