Bitcoin is showing signs of a mid-to-late-stage bear market, Bitfinex said, with the token trading between its long-term realized price of $52,699 and short-term holder realized price of $67,176. The midpoint between those levels, around $63,200, has acted as support over the past two weeks, and Bitfinex said a break below it could bring June's low of $57,803 back into focus. The exchange added that softer U.S. inflation data and record highs in stocks have not yet fully translated into stronger crypto market liquidity. It said an improved macro backdrop alone is unlikely to drive a full recovery unless Bitcoin ETF inflows and stablecoin supply growth improve at the same time.