Bitfinex: Bitcoin Profit-Taking Largely Exhausted, Short-Term Holders Near Break-Even for 36 Consecutive Days

August 20 news, Bitfinex Alpha's latest weekly report notes that Bitcoin's recent rally is primarily driven by spot ETF inflows, with net inflows of $486.8 million over the past two trading days, while market profit-taking has largely been exhausted—the adjusted spent output profit ratio (aSOPR) has remained below 1 for 10 consecutive trading days, indicating that moving Bitcoin is, on average, in a loss position. Long-term holder SOPR averages 0.83, dipping to 0.69 on Sunday, while short-term holder SOPR has fluctuated within 1% of break-even for 36 consecutive days. Since early June, Bitcoin's price has been confined to a range of $60,795-$65,700. On the ETF front, net inflows over the two days totaled approximately 7,600 BTC, more than 8 times the newly mined supply during the same period, yet the demand engine has yet to establish a trend.