CoinDesk
Bitcoin traded around $80,250 after a 0.2% dip since midnight UTC, holding above $80,000 following Wednesday’s rise from roughly $78,000. U.S. spot Bitcoin ETFs took in $74.6 million Wednesday, ending a three-day outflow streak. Ether slipped 0.4%, while the CoinDesk 80 Index gained 0.9%.
Why it matters
The rebound was supported by a return to positive ETF flows, but derivatives suggest forced short closures played a major role. Bitcoin rose 2.6% as open interest increased just 0.3%; about 93% of $267 million in Bitcoin liquidations were short positions. Across crypto futures, liquidations rose 53% to $715 million, with roughly 65% from shorts. That points to bearish bets being squeezed more than a surge of fresh long exposure.
Positioning remains constructive but mixed. Funding rates are positive, meaning longs are paying shorts, while the market-wide taker buy-sell ratio shifted to a slight sell lean. Bitcoin’s one-week options skew fell to about 2% from 11%, indicating put protection has become much less expensive. Five of its six most active options contracts were calls, with strikes from $78,000 to $85,000.
Market impact
Injective gained about 6% since midnight UTC and led the CoinDesk 100 after Nasdaq approved the listing of Canary Capital’s staked INJ ETF, which would trade as INJC, according to an SEC filing. INJ was up about 10% over 24 hours. The move adds a product-specific catalyst to a market rebound otherwise marked by short liquidations.
Macro conditions also shaped the move: oil fell about 8% and U.S. stocks rose after the midterms, while Nasdaq-100 futures were down 0.8% early Thursday ahead of Friday’s jobs report. For Bitcoin, sustained ETF inflows and fresh open interest would help distinguish a durable bid from a squeeze-driven bounce.
Frequently asked questions
-
What drove Bitcoin’s rebound above $80,000?
Spot Bitcoin ETFs recorded $74.6 million in inflows Wednesday, ending a three-day outflow streak. Derivatives data also indicates short positions were forced to close during the rally.
-
Why does the liquidation data point to a short squeeze?
Bitcoin rose 2.6% while open interest increased only 0.3%, and about 93% of $267 million in Bitcoin liquidations were shorts. That pattern suggests bearish positions were closed rather than a large wave of new longs entering.
-
What did options markets signal about Bitcoin positioning?
Bitcoin’s one-week skew fell to about 2% from 11%, showing that put protection had become much less expensive. Five of the six most active Bitcoin options contracts were calls, with strikes from $78,000 to $85,000.
-
What prompted Injective’s gain?
Injective gained about 6% since midnight UTC after Nasdaq approved the listing of Canary Capital’s staked INJ ETF, which would trade as INJC. INJ was up about 10% over 24 hours.
-
What could help confirm that Bitcoin’s rebound has staying power?
Sustained spot ETF inflows and an increase in open interest would help distinguish a durable bid from a rally driven mainly by short liquidations.
WuBlockchain
Lookonchain
Crypto Rank News
CryptoSlate
Crypto News
TheBlock