Daily Market
BTC short squeeze rebounds to $65,000, as Visa accelerates the selection of stablecoin settlement partners
The market is showing a short-term rebound driven by derivatives-driven short squeezes, but insufficient spot follow-through and the high-interest-rate environment remain the main risks for a pullback.
BTC breaks above $65,000, mainly driven by the liquidation of shorts in the derivatives market, while spot buy pressure remains relatively weak. Although spot BTC ETFs saw net inflows of $137.3 million and ended a streak of outflows, most of the capital has been concentrated in Fidelity’s funds, indicating that institutional buying breadth is still lacking.
Visa is publicly soliciting new stablecoin settlement partners, with a focus on firms that hold compliant licenses in the US, Canada, and the UK. The move aims to fill the business gap left after partners were acquired by Mastercard, and to further expand support for Open USD settlement issued by platforms such as Stripe.
Next, the focus is on whether spot BTC ETFs can generate sustained buying, and whether US Treasury yields can retreat from elevated levels. Do you think BTC can hold above $65,000 in this round of the rebound?
BTC short squeeze rebounds to $65,000, as Visa accelerates the selection of stablecoin settlement partners
The market is showing a short-term rebound driven by derivatives-driven short squeezes, but insufficient spot follow-through and the high-interest-rate environment remain the main risks for a pullback.
BTC breaks above $65,000, mainly driven by the liquidation of shorts in the derivatives market, while spot buy pressure remains relatively weak. Although spot BTC ETFs saw net inflows of $137.3 million and ended a streak of outflows, most of the capital has been concentrated in Fidelity’s funds, indicating that institutional buying breadth is still lacking.
Visa is publicly soliciting new stablecoin settlement partners, with a focus on firms that hold compliant licenses in the US, Canada, and the UK. The move aims to fill the business gap left after partners were acquired by Mastercard, and to further expand support for Open USD settlement issued by platforms such as Stripe.
Next, the focus is on whether spot BTC ETFs can generate sustained buying, and whether US Treasury yields can retreat from elevated levels. Do you think BTC can hold above $65,000 in this round of the rebound?