Bitcoin tops $68K after stock market rebound, strong earnings data boost risk appetite

Bitcoin (BTC) rallied to a play precocious of $68,600 connected Wednesday, surging from lows adjacent $62,400 successful little than 24 hours. The rebound aligned with a renewed spot Bitcoin exchange-traded money (ETF) inflows and firmer macroeconomic sentiment aft the caller US argumentation signals helped dependable broader hazard markets.

Derivatives information shows that BTC’s unfastened involvement is falling and backing rates are staying comparatively contained, indicating the determination was mostly driven by spot request alternatively than a buildup of leveraged positioning.

Bitcoin one-hour chart. Source: Cointelegraph/TradingView

Bitcoin receives a macro boost and a affirmative ETF flip

US President Donald Trump’s State of the Union code connected Tuesday evening framed the archetypal 12-months of his enactment arsenic an “economic turnaround for the ages,” highlighting falling owe rates and a 1.7% diminution successful halfway ostentation implicit the last 3 months of 2025.

Markets interpreted the remarks arsenic a motion of reduced near-term argumentation uncertainty pursuing tariff and Supreme Court volatility, lifting the hazard appetite crossed equities and crypto.

The US spot Bitcoin ETFs recorded $257.7 cardinal successful nett inflows connected Feb. 24, ending 5 consecutive weeks of redemptions totaling $3.8 billion. Fidelity drew astir $83 million, and BlackRock’s iShares Bitcoin Trust added adjacent to $79 million.

Related: Bitcoin regular gains adjacent 5% arsenic investigation eyes bullish 'rotation' from gold

Bitcoin futures information clears excess downside risk

As Bitcoin trades adjacent $69,000, futures information shows that its aggregated unfastened involvement has stabilized astir 235,167 BTC, aft antecedently reaching levels supra 240,000 BTC earlier successful the week.

The driblet successful unfastened involvement suggests that the excess leveraged positioning has already been flushed retired during the caller volatility.

Bitcoin one-hour chart, aggregated backing rate, unfastened interest, and volume. Source: Velo.chart

At the aforesaid time, aggregated backing rates stay somewhat antagonistic astatine -0.0037%. Negative backing indicates that abbreviated positions are inactive paying longs, signaling that traders are not aggressively chasing upside vulnerability contempt the terms rally.

This operation of cooling unfastened involvement and negative-to-neutral backing points to a marketplace that has reset leverage alternatively than overheated. The rally toward $69,000 appears to beryllium occurring without an assertive buildup of agelong positioning.

The cumulative measurement delta (CVD) has edged higher, showing that spot buyers are stepping successful and are 1 of the superior drivers of this rally. 

Market expert BackQuant noted that derivatives enactment is inactive playing a ample role, and options information shows that dealers, the firms that merchantability options and hedge their exposure, are holding what’s known arsenic affirmative gamma.

When gamma is positive, dealers thin to bargain arsenic the terms falls and merchantability arsenic the terms rises to enactment hedged. That behaviour tin creaseless retired volatility and dilatory crisp breakouts successful either direction.

Likewise, trader LP besides pointed to BTC’s bid publication dynamics astir the $60,000–$63,000 region, wherever beardown bid unit antecedently absorbed selling. Since tapping that zone, the terms has expanded astir 8% to the upside. 

Bitcoin orderbook investigation by LP. Source: X

The trader added that if merchantability unit builds again astatine these levels, it whitethorn awesome a slowdown successful buy-side aggression and trigger different little reversal.

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