Cryptocurrency markets are entering what analysts describe as a macro digestion phase, where prices remain stable despite ongoing outflows and leverage resets, as investors increasingly position around global economic signals rather than crypto-specific catalysts.
Bitcoin is consolidating above $91,000, Ethereum is stabilizing near $3,130, and total crypto market capitalization is holding close to $3.02 trillion.
According to a Bitfinex report, this price resilience comes after a significant reset in speculative positioning, with leverage flushed from derivatives markets and volatility compressing to historically low levels.
Bitfinex analysts said implied volatility across major crypto assets has fallen sharply following the recent drawdown, creating what they describe as a “coiled” market structure, a condition that has historically preceded volatility expansion rather than directional continuation.
ETF Outflows Absorbed As Leverage Resets
Bitfinex noted that Bitcoin’s ability to hold key levels despite ETF outflows suggests that selling pressure is being absorbed by longer-term participants.
Spot Bitcoin ETFs saw roughly $249 million in net outflows, yet price action remained orderly, reinforcing the view that passive selling is no longer driving forced liquidation.
In a note sent to Yellow.com, Iliya Kalchev, analyst at Nexo Dispatch, said this behavior reflects a shift away from momentum-led flows.
“When ETF selling fails to break key levels, it often signals a transition to longer-horizon positioning,” Kalchev said, adding that Bitcoin is increasingly behaving like a macro-sensitive store of value.
Overhead Supply Caps Upside
While downside pressure appears contained, Bitfinex highlighted that upside momentum remains constrained by overhead supply from prior cycle buyers.
Analysts pointed to a dense concentration of coins acquired at higher levels, which continues to cap rallies and contribute to range-bound trading.
This structural supply overhang helps explain why crypto markets have struggled to extend gains even as volatility remains subdued and forced selling has largely subsided.
Selective Rotation, Not Broad De-Risking
Within large-cap altcoins, Bitfinex observed signs of selective rotation rather than wholesale risk reduction.
Solana outperformed other majors during recent rebounds, reflecting preference for liquid, high-beta exposure, while smaller tokens lagged.
Ethereum ETFs recorded approximately $93 million in outflows, keeping institutional participation cautious.
XRP-linked ETFs recorded modest outflows, reflecting tactical repositioning rather than a structural exit from the asset class.
Analysts say this pattern points to rotation within risk rather than broad de-risking.
Macro Data To Decide The Next Regime
The analysts point to the upcoming macro calendar as the decisive catalyst. Treasury auctions, U.S. CPI and producer prices, retail sales, and growth data will test assumptions around inflation and rate paths.
They said that until macro clarity improves, crypto is likely to remain range-bound, with volatility clustering around data releases rather than trending moves.