CEX Report: Bitcoin enters a healthy consolidation phase, short-term holders taking profits may trigger selling pressure.

On May 27, CEX Alpha released a report that Bitcoin experienced a 32% pullback after hitting an all-time high in January, but has since rebounded strongly by more than 50% to a new high of $111,880 and has now entered a healthy consolidation phase. Strong ETF inflows, surging participation in the spot market, and positive "net realized capital" growth have driven structural buying rather than excessive speculation in the market. Despite the pullback in macro risk appetite, such as rumors that the US may impose a 50% tariff on European imports, bitcoin has remained resilient – without significant declines in the process of deleveraging and profit-taking. This resilience is raising concerns about Bitcoin's evolution into a "macro-sensitive, belief-driven asset" whose trading behavior is now more tied to global liquidity than to retail sentiment. Notably, Japan's Metaplanet increased its holdings of Bitcoin worth $104 million, as well as the US state of Michigan's proposal to introduce legislation in favor of cryptoassets, further validate the growing institutional and policy-level support for digital assets. Looking ahead, whether Bitcoin can continue to consolidate above its short-term holding cost base of around $95,000 will be key. Over the past month, short-term holders have realized more than $11.4 billion in profits, so there may be some selling pressure in the near term, but structural demand remains. The strength of ETF buying, low volatility, and premium signals in the cash market all suggest that the market is maturing and that further gains are likely to follow once the macro environment is clear. For now, the next few weeks will determine whether Bitcoin's breakout is a phased top or a prelude to a stronger rally in Q3.