Bitfinex report analysis: BTC may be approaching a temporary bottom

The Bitfinex Alpha report states that Strategy has recently conducted its first large-scale Bitcoin sale, but the market has shown resilience and there has been no significant selling pressure. Currently, approximately 10.83 million BTC are in an unrealized loss state, while approximately 9.22 million BTC remain profitable. The spot trading volume does not fully reflect the impact of large-scale capital outflows, and the market may be close to the bottom of the bear market formation stage. With changes in ETF asset allocation, positive fund flows, and the re accumulation of long-term holders and whales, Bitcoin is shifting from low belief holders to high belief investors, and the next 2 to 3 months will become an important window for confirming a temporary bottom.