Publicar

Yesterday we asked: rally or squeeze? The market just gave its first answer. $BTC topped $75,000 on OKX spot within 24 hours, extending Wednesday’s breakout. More than $3 billion in crypto shorts were liquidated over 24 hours, per Coinglass. Flows strengthened too. Spot BTC ETFs logged three straight days of inflows, with Wednesday bringing: · $517M net inflows, the biggest single day since early May · IBIT $284.7M · ARKB + FBTC about $140M combined Analysts read the move as longer-horizon institutional positioning, not retail FOMO. On-chain, wallets holding 10 to 10,000 BTC added 20,000+ BTC since July 29, worth about $1.2B at the time. But exchange supply is rebuilding: around 28,000 BTC returned by mid-August, reversing roughly 84% of the prior six-week drain. That weakens the supply-squeeze case, even if exchange deposits do not automatically mean selling. Policy added fuel. At Wednesday’s White House meeting, Trump said government purchases of “sizable” amounts of BTC “has been talked about” and again pushed Congress on the CLARITY Act. Estimates put US holdings near 328,000 BTC, almost all from seizures, with no publicly documented open-market purchase. Regulators are moving too: · SEC proposed its crypto offering framework · CFTC Chair Selig directed staff to explore market rules if Congress keeps stalling Positioning is still the question. Futures OI has rebounded toward the top of its recent range, while funding remains positive without spiking. On July 31, the $60,000 put was Deribit’s largest strike at $1.17B in notional OI. Traders had built heavy downside protection and got a breakout instead. ETH is up close to 5%, with ADA and SOL following. Jackson Hole is less than a week away. Whales accumulated early, ETFs accelerated and policy is turning. But exchange supply is rebuilding and conviction above $75K still needs proving. Squeeze fuel burns out fast. Real demand does not. #BTCRallyOrSqueeze