Bitfinex Securities Introduces Tokenized Bond

**Bitcoin may have hit a cyclical bottom** after triggering one of its strongest early-bottom signals of the current cycle. Following a sharp 36% drawdown from all-time highs, BTC staged a notable rebound that aligns with the timing of previous local bottoms. The recovery comes after four straight weekly declines - the longest streak in over 500 days. **Key stabilization indicators emerging:** - Extreme deleveraging phase complete - Short-term holder capitulation underway - Seller exhaustion becoming apparent On-chain metrics support the bottom thesis: - Short-Term Holder P/L Ratio below 0.20 - Only 7.6% of short-term holder supply remains in profit Historically, these conditions have marked local bottom formations. The current correction mirrors previous mid-cycle pullbacks in both size and structure. **The question remains:** Will Bitcoin hold this potential bottom structure, or is additional downside still possible? Read the full analysis: [Bitfinex Alpha](https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-btc-bottom-should-be-near/)

**Bitfinex Alpha** is a new weekly market intelligence service targeting crypto traders. The platform delivers: - Expert market analysis - On-chain signals and data - Macro economic trends - Professional-grade insights The service aims to provide traders with **clarity and actionable intelligence** before market movements occur. Bitfinex positions Alpha as a tool to help traders move beyond guesswork toward data-driven decisions. [Sign up for Bitfinex Alpha](https://go.bitfinex.com/AlphaSignUpPage)

**Thirteen years ago**, Bitcoin experienced its first halving event, marking a pivotal moment in cryptocurrency history. The **first halving in 2012** reduced mining rewards from 50 to 25 BTC, establishing the deflationary mechanism that continues to shape Bitcoin's economics today. **Industry analysts** have shared their perspectives on how Bitcoin mining has evolved since that landmark event: - Mining operations have become increasingly sophisticated - The industry has grown from hobbyist miners to industrial-scale operations - Energy efficiency and sustainability have become major focus areas The halving mechanism occurs approximately every four years, **cutting mining rewards in half** to control Bitcoin's supply and maintain scarcity. **Current state of mining** shows significant maturation compared to 2012, with institutional players now dominating the landscape. Read the full analysis on the evolution of Bitcoin mining over the past 13 years.

**Every trading position carries hidden volatility risk**, according to insights from the Bitfinex Derivatives Gamma Summit. **The overlooked reality:** Whether going long or short, traders implicitly take a **short-volatility view**. As Pierre-Antoine Mudry explained, "You're short crash risk or massive rally risk." **Key developments:** - Crypto options now core to institutional strategy - **Volatility compression** driven by institutional adoption - Options used for downside hedging and yield generation **The solution:** Executing deliberate strategies via options can potentially address this implicit risk exposure. Industry leaders discussed how options are **reshaping market structure** and complementing traditional spot and perpetual trading strategies. [Watch the full discussion](https://youtu.be/Fy_qUtYZwMw?si=yCuQWPrNr7BAkWT8)

**Bitcoin's Adjusted Spent Output Profit Ratio (aSOPR) has dropped below 1** for the third time since January 2024, signaling potential market bottom. **Key insights:** - aSOPR measures whether traders sell BTC at profit or loss - Previous sub-1 readings in August 2024 and April 2025 marked local bottoms - The metric uses moving averages to smooth noisy data **Historical pattern suggests** Bitcoin may have found another local floor, based on consistent behavior at these technical levels. This on-chain indicator strengthens the case for a potential price recovery from current levels.