Bitcoin broke past $78,000 today, trading at $78,563 and posting a 9.7 percent gain over 24 hours. The move triggered a cascade: $140 million in short positions liquidated in the past hour alone, forced buying pressure accelerating the rally.
Coinglass data shows open interest in BTC futures spiked immediately before the price move, confirming heavy short positioning set the stage for the squeeze. The liquidations cleared that leverage fast. The Crypto Fear & Greed Index hit 72—deep into Greed territory—reflecting the momentum shift.
The structural bid underneath this is institutional. Spot Bitcoin ETFs, live since January 2024, have consistently pulled supply off the market. Glassnode's wallet data shows large addresses—the institutional fingerprint—adding to holdings steadily over the past two weeks. Net exchange outflows are climbing, the classic sign of capital moving off exchanges into custody and long-term positions. Major players are accumulating conviction.
Eth followed Bitcoin's lead, up 6.8 percent to $2,437. Traditional equities moved the other way: Nasdaq -1.0 percent, S&P 500 -0.9 percent, Dow Jones -1.3 percent. Capital rotating into digital assets as investors hunt returns outside legacy markets.
