Bitfinex: Bitcoin expected to enter range trading period

ChainCatcher news, Bitfinex’s latest report shows that Bitcoin has reached a new all-time high (ATH) after a sharp price increase in March. It is expected that the price will enter a range trading period in the later period and volatility will increase.

According to statistics, profits captured through on-chain transactions exceed $2.6 billion, 40% of which belong to long-term holders. Further analysis shows that new investors entered the market and increased their positions in the belief that the market could rise further. Spot Bitcoin ETFs have also become an important support for the market. Last week, net ETF inflows resumed again and passive demand continued. At the current rate of inflows, demand for Bitcoin is roughly twice the value of Bitcoin produced by mining.