Bitfinex has released its latest report, which points out: After falling 32% from its all-time high in January, the price of Bitcoin has risen by over 50%, reaching a new high of $111,880, and is now in a healthy consolidation phase. Strong ETF inflows, soaring spot market participation, and positive net realized market value growth have driven structural buying in the market, rather than speculative excess. This resilience is drawing attention to the evolving role of Bitcoin, as a macroeconomically sensitive, belief-driven asset, with its trading now more in line with global liquidity flows rather than retail sentiment. Looking ahead, whether Bitcoin can continue to consolidate above its short-term holding cost basis (around $95,000) remains key. Given that short-term holders have made profits exceeding $11.4 billion in the past month, oversupply is expected in the short term, but structural demand cannot be ignored. Strong ETF buying, low volatility, and spot premiums all indicate that the market is maturing, and once the macroeconomic situation becomes clear, this momentum will likely continue. In the coming weeks, the latest breakthrough in Bitcoin may only be a local high, or it could be a prelude to a stronger rally in the third quarter.