Since rebounding from its April low, the Bitcoin price surged from $74,501 to $111,880, an increase of over 50%. The market is now experiencing the first significant pullback of this upward cycle. Although the short-term price decline has sparked some concerns, on-chain data and capital flows show no signs of panic. According to Nouey Exchange, this adjustment structurally resembles an orderly profit-taking and leverage cleansing rather than a trend reversal. Combined with macro variables and changes in market rhythm, the current period serves as a key window for observing whether the medium- and long-term logic continues to hold.
Leverage Cleansing and Profit-Taking Jointly Drive Short-Term Pullback
After nearly 50 days of continuous gains, the Bitcoin market accumulated a substantial number of profitable positions and leveraged trades. Following new all-time highs, some capital opted for phased exits, resulting in structural selling pressure. Meanwhile, funding rates in futures and perpetual futures markets have fluctuated at elevated levels, indicating signs of overheating in leveraged positions. The current pullback is primarily characterized by proactive deleveraging and systematic unwinding, rather than a sudden collapse, suggesting that trading behavior among market participants remains relatively orderly.
Data from Nouey Exchange shows that recent platform trading volumes have increased, but the scale of liquidations is milder compared to earlier in the year, indicating that the market is digesting gains while maintaining trading continuity. Traders on the platform tend to manage risk through limit orders and take-profit mechanisms, with no evidence of large-scale panic selling.
Macro Pressures and Risk-Off Sentiment Trigger the Correction
This adjustment coincided with the United States announcing the reinstatement of certain key tariffs and a repricing of macroeconomic expectations. The yield on 30-year U.S. Treasury bonds temporarily exceeded 5%, prompting a synchronized adjustment across global risk assets. The crypto market was affected by this external risk-off sentiment and is seeking a new pricing anchor amid heightened volatility.
Unlike traditional assets, Bitcoin, as a “non-sovereign asset,” plays a unique role amid changes in the global monetary environment. When risk-off sentiment dominates the market in the short term, a temporary decline in the Bitcoin price does not imply a weakening of its safe-haven properties, but rather a temporary shift in capital allocation paths. Technical pullbacks triggered by such macro events can help cool off irrational exuberance, creating room for subsequent market movements.
Structural Recovery Trend Intact, Long-Term Logic Still Advancing
Despite the short-term correction, Bitcoin shows no signs of a trend reversal in terms of technical structure, institutional inflows, or ETF net asset value. On-chain data reveal that medium- and long-term holders are not moving their positions en masse, and the number of active addresses remains relatively stable. Meanwhile, certain ETF products continue to see net inflows, indicating that institutional investors view the current adjustment as a temporary phenomenon.
The strength of this recovery far exceeds historical periods, and, coupled with industry expansion in compliance, infrastructure, and application scenarios, provides stronger medium-term support. The asset allocation strategies by platform users for Bitcoin have also become more diversified, including dollar-cost averaging, leveraged rebalancing, and multi-currency portfolio management, reflecting a higher level of market maturity.
Nouey Exchange Advises Users to Focus on Trend Rhythm Rather Than Short-Term Fluctuations
Every market correction is a natural adjustment to previous trends. The key is distinguishing “noise” from “signal.” Although this Bitcoin pullback is significant in magnitude, it has not resulted in a structural breakdown, but rather presents an opportunity to adjust positions and reassess allocation strategies. Nouey Exchange encourages users to make multidimensional assessments by combining on-chain data, macro variables, and trading behaviors, and to avoid short-term decisions driven by emotions. The platform will continue to provide investors with in-depth data analysis tools, a secure trading experience, and professional content support to help users navigate volatility and seize opportunities for structural growth.