Bitcoin climbs to $86,000, driven by spot demand and short covering rather than speculative leverage, according to Glassnode data.
Bitcoin crossed $86,000, an eight-month high, driven by a short squeeze, strong ETF inflows, and improving risk sentiment, while derivatives indicators show leverage is still rebuilding and not yet at frothy levels.
Ether is referenced in a related article headline about a veteran trader seeing 200% upside, but no specific price action or details are provided in this article.
Solana is mentioned only as being moved to No. 7 on a Roundtable 100 list, with no direct market-moving news in this article.
Bitcoin surged to an eight-month high of $86,000 on Monday, fueled by robust ETF inflows and a significant short squeeze. Despite the price climb, blockchain analytics firm Glassnode reports that derivatives markets remain disciplined, suggesting the current rally lacks the dangerous leverage typically associated with market tops.
Glassnode notes that the rally is driven by spot demand and short covering rather than excessive leverage. Derivatives indicators, such as funding rates and put/call ratios, remain far from the extreme levels that typically signal a market top.