Bitcoin rose almost 25% in a week — one of the strongest crypto rallies in recent years. The rally was driven by changes in the U.S. government bond market, a weaker dollar, and a sharp return of buyers. At the same time, a major role was played by the widespread closure of bets on Bitcoin’s decline.

Whether this momentum will be enough to keep the growth going will depend less on liquidations and more on real demand for Bitcoin and inflows into spot ETFs.#BTC