- Bitcoin traded above $85,300 for the first time since late January, pushing crypto-linked equities higher.
- The first weekly close above the 50-week moving average in roughly ten months reframes the debate from whether a bottom is in to whether a new bull market is starting.
- Open interest rose 8.8% over seven days to $55.7B, the 92nd percentile of the past 90 days, while liquidations stayed at the 43rd percentile, indicating fresh positioning rather than a short squeeze.
- US spot Bitcoin ETFs recorded just $6.1M in combined net inflows across five sessions, though the latest session brought $433M, pointing to rotation between issuers rather than broad directional buying.
- Ethereum gained 6.05% over seven days and Solana rose 10.3%, both outperforming Bitcoin, with the Fear & Greed Index at 77.
Quotes
“Its first weekly close above the 50-week moving average in about ten months has changed the debate. Now, it's not just about whether the bottom is in, but if a new bull market is starting”
“Individual fund movements were therefore considerably larger than the overall net figure. This points to investors rotating between issuers rather than making a broad directional decision on Bitcoin exposure”