Since the outbreak of the US-Iran war on February 28, the Nasdaq has fallen by about 1.6%, gold has dropped by about 2%, while BTC has risen by about +7%, outperforming all mainstream risk assets.

At the same time, BTC ETF net inflows have begun to turn positive, and BTC funding rates have started to turn negative, indicating that the number of short sellers is increasing.

Summary: Institutions are buying, retail investors are selling, and short sellers are continuously increasing their positions; historically, this combination usually does not end well for short sellers.

$70,000, as long as it holds, the bulls still have cards to play!