$BTC Break through the $87,000 barrier, driving the total crypto market value back above $3 trillion. This uptrend, after clearing the $82,000 resistance level, triggered a chain liquidation of over $900 million in short positions. Soon after, net inflows into U.S. spot Bitcoin ETFs approached $1 billion, with spot capital stepping in to take over.
The leverage heat in the derivatives market has not cooled down even after the short squeeze ends. The total open interest in crypto perpetual futures quickly climbed to a high range near $160 billion. After breaking through the resistance level, new positions continued to pile up. With fresh liquidity and leveraged chasing both in play, the market’s liquidity structure becomes especially sensitive.
At present, the crux of the game centers on the strength of the bids around the $87,000 area. If ETF net inflows can maintain their momentum, spot buying may still be able to support this leverage. But if institutional capital flow slows while position size continues to expand, once price pushes higher and stalls, the long positions stacked at high levels are highly likely to turn into a localized liquidation stampede.
The leverage heat in the derivatives market has not cooled down even after the short squeeze ends. The total open interest in crypto perpetual futures quickly climbed to a high range near $160 billion. After breaking through the resistance level, new positions continued to pile up. With fresh liquidity and leveraged chasing both in play, the market’s liquidity structure becomes especially sensitive.
At present, the crux of the game centers on the strength of the bids around the $87,000 area. If ETF net inflows can maintain their momentum, spot buying may still be able to support this leverage. But if institutional capital flow slows while position size continues to expand, once price pushes higher and stalls, the long positions stacked at high levels are highly likely to turn into a localized liquidation stampede.