BTC shifts from accumulation to distribution phase, Bitfinex reports

The Bitcoin market has transitioned from an accumulation phase that drove prices higher to a distribution phase, according to a report from Bitfinex. Data shows that the Spot Volume Delta turned negative following strong buying pressure from April to May, indicating that early investors are now consistently selling assets amid market weakness rather than increasing their holdings. Analysts pointed out that the average cost basis for short-term holders is below the market average of $77,800, adding that this means a significant portion of recent capital is at an unrealized loss. This situation is creating new selling pressure on every price rebound. Bitfinex expects the overall market to maintain a defensive posture until spot demand recovers.