Short-seller’s funeral or the rally call for a bull market?
In the past 24 hours, more than $2 billion was liquidated. $BTC surged to 69,000, while $ETH jumped by 10%.
The U.S. Treasury’s bond buyback signals have helped push down U.S. Treasury yields. Second, an overly crowded short position triggered a chain-reaction stampede at the moment of the breakout—cover orders became fuel for driving the crypto price higher. More importantly, capital is flowing from $BTC into high-beta assets; ETH leading the way suggests a broad return of risk appetite.
But this is not confirmation of a bull market. If spot ETF inflows can’t keep handing off the momentum, and if it can’t hold above $70,000, then that—only then—is the true turning point for the trend.
In the past 24 hours, more than $2 billion was liquidated. $BTC surged to 69,000, while $ETH jumped by 10%.
The U.S. Treasury’s bond buyback signals have helped push down U.S. Treasury yields. Second, an overly crowded short position triggered a chain-reaction stampede at the moment of the breakout—cover orders became fuel for driving the crypto price higher. More importantly, capital is flowing from $BTC into high-beta assets; ETH leading the way suggests a broad return of risk appetite.
But this is not confirmation of a bull market. If spot ETF inflows can’t keep handing off the momentum, and if it can’t hold above $70,000, then that—only then—is the true turning point for the trend.