According to a Bitfinex report, Bitcoin is currently in a transitional phase, with the bull market yet to be fully confirmed. On September 21, the asset reached a high of $87 392 before correcting to $83 000. Analysts highlight that the supply in profit metric rose to 78.2% on September 22, up from 63% the previous week.
The MVRV ratio has climbed from a July low of 1.09 to 1.62, remaining below the long-term average of 1.8. Market demand is supported by spot Bitcoin ETFs, which saw inflows of $999 million on September 21 and $714.7 million on September 22, totaling $2.31 billion for the week.
Corporate activity also increased, with MicroStrategy acquiring 950 BTC and Strive purchasing 1 355 BTC before the price exceeded $80 000. Bitfinex estimates the breakeven point for ETF investors at $86 000 and for corporate buyers at $80 500.
Altcoins have shown strong performance, with 35 major assets outperforming Bitcoin between September 18 and 22. During this period, the median growth for altcoins reached 12% compared to 6.6% for Bitcoin. On September 22, the altseason indicator turned positive for the first time since January.
