After a 50-day surge, the first pullback is here. Bitcoin is not a turning point, but a "high-altitude breath!"
Bitfinex stated on June 2: This wave of Bitcoin is not simply hitting the brakes, it is breathing at high altitude.
From the low in April to the recent high of $111,880, there has been nearly 50 days without a pullback, directly surging over 50%. Behind this historic new high, we finally welcomed a "decent pullback" today.
However, this adjustment is not purely a technical correction, but is compounded by a macro storm:
The US government unexpectedly restarted tariffs, driving the 30-year US Treasury yield to break 5%, and risk sentiment instantly switched to "safe-haven mode", directly impacting the crypto market.
Looking at the derivatives level:
Bitcoin options open interest soared to a historic high of $49.4 billion,
The structure increasingly reflects the presence of "institutional players", with clear volume in hedging + speculative positions,
On-chain data shows: unrealized profits entered the +2σ "frenzy zone", which is often a signal of violent fluctuations.
