Bitfinex: Bitcoin is expected to enter a range trading period

Bitfinex's latest report shows that Bitcoin has reached a new all-time high (ATH) after a sharp price increase in March, and the price is expected to enter a range trading period with increased volatility in the later period. According to statistics, the profits captured through on-chain transactions exceeded US$2.6 billion, of which 40% belonged to long-term holders. Further analysis shows that new investors entered the market and increased their positions in the belief that the market can rise further. Spot Bitcoin ETFs have also become an important support for the market. Last week, the net inflow of ETFs resumed again, and passive demand continued. At the current inflow rate, the demand for Bitcoin is about twice the value of Bitcoin produced by mining.