BTC has surpassed $80,000, but don’t rush to call this a crypto-driven rally.
As of 14:00 on 05/11, BTC was trading around $80,564, up 3.9% over 24 hours.
The main drivers were macroeconomic:
- Oil fell about 8.5% following signs of easing tensions with Iran.
- Yields declined, supporting risk assets.
- Nearly $975 million in positions were liquidated over 24 hours, including about $575.5 million in short positions.
Notably, shorts accounted for nearly 59% of total liquidations.
This suggests the rebound was driven in large part by a short squeeze, rather than entirely by new capital inflows.
Bitcoin ETFs saw net inflows of $39.1 million in the previous session, but that was still not enough to offset nearly $1.16 billion in net outflows over the preceding three sessions.
Rising prices are a signal. But sustained inflows are what confirm the trend.
As of 14:00 on 05/11, BTC was trading around $80,564, up 3.9% over 24 hours.
The main drivers were macroeconomic:
- Oil fell about 8.5% following signs of easing tensions with Iran.
- Yields declined, supporting risk assets.
- Nearly $975 million in positions were liquidated over 24 hours, including about $575.5 million in short positions.
Notably, shorts accounted for nearly 59% of total liquidations.
This suggests the rebound was driven in large part by a short squeeze, rather than entirely by new capital inflows.
Bitcoin ETFs saw net inflows of $39.1 million in the previous session, but that was still not enough to offset nearly $1.16 billion in net outflows over the preceding three sessions.
Rising prices are a signal. But sustained inflows are what confirm the trend.
