Bitcoin turns risk on as stocks hit new highs and miner profits rise: Is $85K BTC next?

Key takeaways:

• Improved Bitcoin mining profitability and monolithic ETF inflows person calmed investors’ fears that miner selling could headdress BTC price.
• Bitcoin dominance hits its highest level since July 2025 arsenic capitalist involvement shifts distant from struggling altcoin sectors.

Bitcoin (BTC) surged to $80,000 for the archetypal clip successful 3 months connected Monday, triggering $270 cardinal successful liquidations crossed leveraged abbreviated (sell) futures contracts. This affirmative momentum for Bitcoin coincided with tech stocks jumping to an all-time high, signaling a wide risk-on environment. Currently, 3 cardinal indicators constituent to further upside momentum for Bitcoin.

Nasdaq 100 futures (left) vs Bitcoin/USD (right). Source: TradingView

Bitcoin’s terms enactment maintained a choky correlation with the tech-heavy Nasdaq 100 Index. Yet portion the US banal marketplace nears its highest-ever level, Bitcoin sits 36% beneath its $126,200 highest from October 2025.

Bitcoin Hashprice Index by Luxor, USD. Source: HashrateIndex

Profitability for Bitcoin miners has besides improved. The expected regular instrumentality for 1 pentahash/second has climbed to $37, a precocious not seen since Jan. 30. This displacement is important due to the fact that the full hashrate has dropped 13% implicit the past quarter. Major publically listed mining firms person precocious liquidated their Bitcoin treasuries to trim indebtedness and enactment AI information halfway investments.

Bitcoin miners, ETF flows and options request backmost BTC’s momentum

For a time, traders feared that a diminution successful web hash powerfulness would spark further merchantability pressure. Data from BGometrics shows miner reserves hitting 10-year lows and connected Thursday, Riot Platforms (RIOT US) confirmed that it sold $250 cardinal successful Bitcoin past quarter. Fortunately, the caller leap successful mining profitability is opening to alleviate these structural concerns.

Bitcoin marketplace share, excluding stablecoins. Source: TradingView / Cointelegraph

Bitcoin’s marketplace share, excluding stablecoins, has jumped to its highest level since July 2025. This determination reflects a declining request for memecoins, governance tokens, and blockchain applications successful general. Reduced involvement successful decentralized exchanges and numerous hacks wrong concern applications person besides contributed to the antagonistic sentiment surrounding altcoins.

Combined assets nether absorption for Bitcoin and Ether (ETH) exchange-traded products reached $147 billion, according to a CoinShares report from April 27. In comparison, akin products for Solana and XRP person failed to interruption supra $3 cardinal each. Investors’ expectations for organization request for large altcoins proved excessively high, arsenic BTC and ETH present relationship for 95% of that market.

Related: Bitcoin short-term outgo ground approaches profitability, but $80K indispensable flip to enactment first

Deribit Bitcoin options premium put-to-call, USD. Source: Laevitas

Demand for telephone (buy) enactment premiums exceeded that for equivalent enactment (sell) options connected Monday by 24%. This information represents a large turnaround from levels seen during the weekend, erstwhile premiums paid for telephone options were 25% little than those for enactment options. While it seems premature to reason that traders are flipping bullish, the fearfulness of an imminent terms diminution is nary longer present.

Friday’s beardown $630 cardinal nett inflows into US-listed spot exchange-traded funds (ETFs) apt contributed to the improved sentiment. Regardless of the precocious correlation with tech stocks, Bitcoin’s way to $85,000 remains valid fixed the accrued mining profitability, dominance versus altcoins and Bitcoin options data.