Bitfinex: BTC on-chain metrics improve, but new ATH unlikely

Bitcoin's on-chain indicators are showing their most positive signs since early February, but a new all-time high is unlikely due to underlying selling pressure and derivatives positioning, Bitfinex said in a report. According to CoinDesk, the exchange noted that while on-chain metrics are improving, the daily average loss remains high at $479 million. Bitfinex stated that a true on-chain recovery cannot be confirmed until this figure drops to around the $200 million level. The report added that outflows from spot Bitcoin ETFs and the Federal Reserve's hawkish policy stance are creating a macro ceiling, making it difficult to surpass previous peaks without significant geopolitical shifts.