Bitfinex alpha | BTC at the intersection

June 9th Bitfinex alpha | BTC at the intersection

The combination of strong spot demand, long-term holder profit acquisition and preparation of Bitcoin textbooks fueled by a revival of macro risk has led to more than 10% of assets back from an all-time high. The final leg of the decline on June 5th was seen in a long liquidation of over $875 million a day. The leverage has been forced to reset, with total liquidation exceeding $1.9 billion over the past week. The technical structure shows that BTC rise is supported by true demand, as shown at the spot-driven stair step assembly.

Now, on-chain indicators point to a rising selling pressure as older owners begin distributing. Used Supply Distribution (SSD) Kalyls and Short Term Holder (STH) Cost Baseband provide a clear roadmap. The $103,700 SSD 0.95 quantile marks the initial support zone, followed by $97,100 (STH cost-based) and $95,600 (SSD 0.85), with $83,200 being a significant risk-off level. These levels reflect the cost-based zones of large owners and recent buyers and are important as they act as re-entry points or liquidation triggers for potential demand.

In short, Bitcoin is currently at a crossroads. It balances structural support and the bullish momentum waiting for the next macro queue.

The US macroeconomic landscape continues to show signs of tension as job growth slowed in May, reflecting early pressure from ongoing trade tensions and tariff uncertainty.

Although wage acquisitions remained strong, labor shrinkage and downward revisions to past employment data suggest that labor market resilience is beginning to erode. At the same time, driven by rising input costs and lower demand, both the manufacturing and services sectors are contracted, highlighting the widespread impact of tariffs across the economy. Construction spending has also declined for the third consecutive month, with inflationary pressures rising as businesses struggle to absorb higher costs.

On the trade front, the US deficit has narrowed, particularly due to a decline in imports from China, but this decline indicates weaker demand rather than strength, raising concerns about future inventory shortages and inflation. Meanwhile, investors’ desire for long-term US debt points to auction data and futures markets skeptical of fiscal stability.

Crypto’s adoption has accelerated in multiple ways, with IG Group becoming the first UK listed company to offer Spot Crypto trading to retail investors. In partnership with UPHOLD, IG will be able to purchase Bitcoin and other tokens directly, marking the transition from speculative derivatives to true asset ownership. The move coincides with the UK Financial Conduct proposal to lift the ban on Crypto Exchange Editorial Debts (CETNs) for retail investors, indicating broader regulatory support for digital assets. Meanwhile, Japan’s Metaplanet has announced 850 billion yen ($5.4 billion) of shares to actively expand Bitcoin Holding with the aim of reaching 210,000 BTC by 2027.