Bitfinex report: Bitcoin bull market still progressing

The latest Bitfinex Alpha report highlights Bitcoin's 573% surge from its $15,487 low in November 2022 and a 130% year-to-date increase. Institutional demand, driven by ETFs and spot accumulation, fuels the current bull market. The report suggests the cycle is mid-phase, with a potential peak 450 days after the April 2024 halving, around Q3–Q4 2025. Indicators like MVRV and NUPL show the bull market is ongoing but far from its peak. Models project a cycle top between $145,000 and $189,000, with diminishing returns tempering Bitcoin's explosive growth from past cycles.