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Bitcoin Breaks $80,000 on Futures Short Liquidations Amid Weak Spot Demand, Wintermute Warns

GateNews
Derivatives DataMarket Analysisbitcoin news
BTC-1.14%

According to Cryptopolitan, Wintermute’s market report states that Bitcoin’s break above $80,000 over the past month was primarily driven by futures short liquidations rather than spot demand. Futures open interest increased $10 billion to $58 billion, while spot trading volume fell to a two-year low. The firm warned that the rally lacks fundamental spot demand support and faces potential sharp reversal risk.

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