Bitfinex

Bitcoin miner reserves dropped approximately 5,000 BTC over six weeks, falling to 1.801 million BTC - matching levels last seen in March. During this period, BTC price declined 10% from $82,000 to $76,700. **Key Points:** - Miner reserves now at 1.801M BTC, down ~5K in six weeks - Price fell from $82K to $76.7K (10% decline) - Miners selling into weakness, capping price range - Reserves back at March 2026 lows The selling pressure from miners appears to be preventing price breakouts, keeping Bitcoin range-bound rather than enabling significant moves in either direction.

**Retail traders are piling back into Bitcoin longs just 72 hours after the largest liquidation event in three months, while institutional players remain on the sidelines.** - Bitcoin funding rates have surged to +10.95% annualized - Open Interest sits at its lowest level since April 11 - Bitfinex margin longs reached 82,681 BTC last week—highest since November 2023 and an 88% increase from July 2025 lows - This occurred even as BTC dropped 10% and macro conditions tightened **The divergence is notable:** retail traders are re-engaging with leveraged long positions while institutional order books show no similar activity. Over $1.5 billion in open interest has been cleared from recent sessions, resetting positioning after BTC's move toward $82k. Despite Monday's $584 million in long liquidations, Bitcoin holds above the May monthly open. Exchange reserves have hit 7-year lows while stablecoin market cap increased by $2 billion in a week. **Tomorrow's PCE data serves as the next potential catalyst** for price direction, as the market sits with ample ammunition for a move but lacks a clear trigger. [Read the full analysis](https://blog.bitfinex.com/bitfinex-alpha/leverage-reheats-btc-price-structure-weakens/)

Bitcoin is showing resilience despite significant selling pressure. ETF outflows are running at **-$700M per day**, matching the February levels that previously drove BTC from $100K down to $70K. However, this time the price is holding steady. An **unidentified buyer is absorbing the selling pressure**, preventing the sharp decline seen in February when BTC dropped to $60K. This suggests strong underlying demand at current price levels, with institutional or whale buyers stepping in to support the market despite heavy outflows from exchange-traded funds.

Bitfinex Derivatives has integrated with Thalex to provide customers access to professional options analytics tools. The integration allows Bitfinex Derivatives users to: - Access Thalex's full range of options and futures products - Utilize professional-grade analytics for options trading - Benefit from enhanced trading flexibility This partnership expands the trading capabilities available to Bitfinex Derivatives customers by connecting them directly to Thalex's platform. More details: [Bitfinex announcement](https://www.bitfinex.com/posts/1082)

Long-term Bitcoin holders (LTH) have shifted from selling to accumulating, with their supply reaching **16.2M BTC** - close to the **16.3M BTC** all-time high from early 2024. This marks a significant reversal from October 2025, when LTH supply dropped by 0.3M BTC as holders took profits. The renewed accumulation suggests strong conviction among experienced Bitcoin investors despite market conditions. [Source](https://x.com/bitfinex/status/2057687991703712150)

**Bitcoin Pizza Day Celebration in San Salvador** Bitfinex and BFX Securities sponsored a Bitcoin Pizza Day event in San Salvador, marking the 16th anniversary of the famous 10,000 BTC pizza purchase. **Event Details:** - Organized alongside local partners including Sat Collective SV, Bitdriver SV, and Dax Sosa - Brought together the bitcoin community in El Salvador's capital - Commemorates the historic 2010 transaction where 10,000 BTC bought two pizzas The celebration highlights how far bitcoin has come since that first real-world transaction, while fostering community connections in one of the world's bitcoin-friendly nations.

Bitfinex has enabled USD wire transfer services through OpenPayd for fully verified customers. **Key Features:** - Fast deposit and withdrawal processing - Joins existing EUR and GBP wire transfer options - Available exclusively to customers with Full verification status The new service expands Bitfinex's fiat banking options, providing users with additional flexibility for moving funds on and off the platform. Full details are available at [Bitfinex's announcement](https://www.bitfinex.com/post/?id=1182).

The CLARITY Act introduces a fundamental shift in how token securities status is determined in the U.S. **Key Change:** - For ten years, the SEC maintained that if a token was sold as a security during its initial fundraise, it remained a security in all subsequent trades - The new legislation draws a clear distinction between primary issuance and secondary market transactions **What This Means:** - Tokens sold in initial fundraises may still be classified as securities - The same tokens could potentially trade freely on secondary markets without securities classification - This separation could unlock liquidity and reduce compliance burdens for exchanges and traders **Open Questions:** - Implementation details remain unclear - The bill is still stalled in the Senate over various regulatory disputes - Balance between SEC and CFTC oversight continues to be debated The legislation represents a potential turning point for crypto secondary markets, though its passage and final form remain uncertain. [Read full analysis]([https://blog.bitfinex.com/education/how-the-clarity-act-could-reshape-cryptos-secondary-markets/](https://blog.bitfinex.com/education/how-the-clarity-act-could-reshape-cryptos-secondary-markets/))

**Historic shift in Bitcoin holder behavior** For the first time, Bitcoin held for over five years now represents more than 30% of total supply. This marks a significant departure from previous market cycles. **Key differences from last cycle:** - Previous cycle: Long-term holders sold at market tops - Current cycle: Same cohort holding through $100k peak down to $76,500 - Long-term supply continues aging without changing hands **What this means:** The behavior of these veteran holders - who accumulated 1.4M additional BTC since December - serves as a potential market indicator. Their eventual decision to sell could signal important market shifts. This data suggests a maturing market where experienced participants are maintaining conviction through volatility, rather than following historical selling patterns.

Bitcoin's open interest has declined by approximately $1.5 billion in recent trading sessions, eliminating much of the leverage that accumulated during BTC's rally toward $82,000. **Key developments:** - Short positions have been largely exhausted - Long positioning has reset to lower levels - Market now awaits spot demand to drive the next significant price movement The deleveraging follows a broader trend of reduced speculative positioning in Bitcoin markets, with open interest having previously fallen 55% from its October 2025 peak.