Last night, the leading cryptocurrency made a decisive surge, testing the $82,000 level. After a brief profit-taking period, the asset is trading around $81,000, showing a confident daily gain of approximately 4%. This breakout from a two-week consolidation has become one of the most notable moves in the past month.
Broad market supported the move
The upward momentum was not limited to Bitcoin alone. Ethereum broke through the psychologically important level of $2,500, gaining about 5%. Altcoins in the top 10 also showed positive dynamics: XRP strengthened by 6%, BNB rose by 4%, and SOL gained 3%. Such synchronization points to an influx of liquidity rather than isolated growth of a single asset.
The key driver of this rally was institutional investors. According to my data, spot Bitcoin ETFs recorded their largest daily inflow since January — $730 million. Ethereum funds also did not lag behind, attracting $141 million. This is a powerful signal confirming the renewed risk appetite among large capital.
Liquidations and sentiment
The sharp rise triggered a cascade of liquidations in the futures market. Over 24 hours, positions worth about $536 million were liquidated, with the vast majority ($457 million) attributed to short sellers. This is a classic short squeeze that amplified the upward momentum.
The Fear and Greed Index jumped to 75 points, indicating a predominance of "greed" and a positive mood among market participants. However, despite the optimism, some analysts urge caution, noting that the move was largely driven by short covering rather than sustained growth in spot demand.
In my assessment, the current situation is a turning point. Record ETF inflows are a fundamental bullish factor, but to confirm a long-term uptrend, spot demand needs to "catch up" with the futures momentum. For now, we are witnessing a classic scenario where derivatives outpace the physical market. If inflows into funds remain at this level, we could see a firm hold above $83,000, which would confirm a new phase of the bull cycle.