Crypto Rally Gets a Boost – Bitcoin Leads the Pack
For the past two days, the crypto market has been putting on a show, with Bitcoin headlining the parade. The digital king has edged up more than 2% today, snapping back to the 46,330 level for the first time since Jan 12 – which was the second day after Bitcoin spot ETFs hit the market.
Why the Mood is Suddenly Sunny
- GBTC Outflows Tweak: Investors are finally walking away from the Grayscale Bitcoin Trust, and the outflows have dwindled below $100 million over the last two sessions.
- Spot ETF Gains: Tradable Bitcoin ETFs are quietly pulling in fresh capital, though it’s still a slow stream.
- Rebalancing Bonanza: As holders cash out their GBTC gains and trim their portfolios, a major roadblock for Bitcoin’s climb has been cleared.
Short‑Position Liquidations Raise the Stakes
The fresh positive mood has pushed traders to close out their bets on falling prices, leading to the largest volume of short liquidations since early February.
According to CoinGlass, the market has seen more than $141 million of short positions liquidated in the past two days. Bitcoin alone accounted for over $66 million of that.
Options Expiry Gears Up the Market
Today, investors are eyeing the expiration of roughly $714 million worth of Bitcoin options. The put/call ratio is sitting at 0.82 – a figure that hints at bullish vibes.
Sunday Brighter: Upcoming Calendar Effects
- Chinese New Year: The festive vibe around the Chinese New Year usually lifts crypto altogether, potentially sparking a so‑called “calendar effect.”
- Halving Hype: The crypto world is already buzzing about the anticipated halving event in Q2. This is one of the biggest positive signals that Bitcoin and the broader market can grab.
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