Bitfinex: Bitcoin Ends March Higher, but Derivatives Market Remains Bearish

Bitcoin had posted six consecutive monthly declines, reflecting prolonged pressure on market risk appetite. Bitfinex said spot prices stabilized in March, helping ETF flows turn positive. Derivatives signals, however, did not improve in tandem. This divergence between spot and leveraged markets has become a key gauge of whether the rebound can continue.

Bitfinex's latest report showed that Bitcoin formally ended its six-month losing streak with a monthly gain in March. ETFs also returned to net inflows over the same period, although the report summary did not disclose the exact amount. Funding rates in derivatives markets remained negative, indicating that short positions still dominated and investors were maintaining a defensive stance pending a major policy or liquidity catalyst.