BTC Clears $80K as ETF Inflows and Spot Demand Flip Positive — But $86K Overhead Caps Conviction!

Bitcoin has reclaimed the $80,000 level as a confluence of improving signals — US spot ETF inflows turning firmly positive, Coinbase Spot Volume Delta flipping sharply bullish over the past two weeks, and Hyperliquid traders steadily adding long exposure alongside rising prices — points to a genuine demand shift rather than a dead-cat bounce.

On-chain data from Glassnode reinforces the recovery narrative: Relative Unrealized Loss has compressed from a February peak of 25% down to 8%, and the Realized Cap 30-day Net Position Change has returned to $2.8 billion per month. That said, the $2.8B figure sits well below the $10B+ monthly inflows seen during prior bull expansions, signalling that conviction remains structurally lower than past cycles.

Key levels to watch: $76,900 (30-day cost basis) acts as near-term support, while $86,900 — the November-to-February accumulation range —…