Bitcoin reclaims $80,000 as flows build, but traders hedge and doubt a breakout
CoinDesk
Bitcoin surpassed $80,000 driven by ETF inflows and leverage, though traders remain cautious regarding potential for further gains.Summary
Bitcoin has reclaimed the $80,000 level, bolstered primarily by significant inflows into U.S. spot ETFs and increased leveraged long positions. Despite this upward momentum, analysts observe a lack of broad-based spot demand, with data from CryptoQuant indicating that recent rallies were driven almost entirely by perpetual futures. This divergence suggests the current price growth is fragile and potentially vulnerable to reversals if market positioning shifts. Furthermore, prediction markets like Polymarket show low confidence in a breakout toward $90,000, reflecting a market that is hedging against volatility rather than exhibiting strong conviction.
(Source：CoinDesk)