According to analysts Bitfinex, Bitcoin (BTC) has fallen nearly 8% from its record peak of $111,880 — the first significant pullback from its April low of $74,501.
The correction follows a period characterized by minimal pullbacks, according to the latest report Bitfinex Alpha. At the same time, analysts noted that Bitcoin derivatives markets are pointing to potential turbulence. Open interest in options recently rose to an all-time high of $49,4 billion, reflecting increased institutional hedging and speculative activity.
The analysis shows that while that figure fell to $39 billion due to options expiring in May, analysts see the spike as a sign that traders are bracing for bigger price swings. Open interest in perpetual futures also jumped to near all-time highs, fueling the subsequent erosion of leverage.
Analysts Bitfinex We are confident that aggressive profit-taking was another factor behind the pullback.
The correction also coincided with renewed macroeconomic pressures. The unexpected resurgence of U.S. tariffs triggered a broad risk-off, pushing 30-year Treasury yields above 5% for the first time since 2009. This tightened liquidity environment put pressure on both traditional and digital asset markets.
Despite the correction, analysts Bitfinex think that Bitcoin remains structurally strong, characterizing the move as a “healthy reset” after a historic rally rather than a crash. However, a combination of technical indicators, profit taking and macro factors point to the possibility of short-term volatility.
