Fidelity drew approximately $83 million of that total. BlackRock’s iShares Bitcoin Trust attracted close to $79 million. The return of institutional buying added fuel to a rally already building on the back of a calmer macro backdrop.
What makes this price move stand out is the data beneath the surface. Reports note that Bitcoin’s aggregated open interest — a measure of outstanding futures positions — has actually been declining even as prices climbed.
Funding rates tell a similar story. They remain slightly negative at around -0.0037%, meaning short sellers are currently paying fees to traders betting on higher prices. That is an unusual setup during a strong rally, and it points to a market where aggressive speculation has been squeezed out rather than amplified.
Ticking UpwardThe cumulative volume delta — which tracks whether buyers or sellers are more aggressive on spot markets — has been ticking upward, confirming that real purchasing activity is driving the move.
According to market experts, options market dynamics are also playing a role. Dealers holding what is known as a positive gamma position tend to buy when prices dip and sell when prices rise, as part of routine hedging. That behavior acts as a natural shock absorber, smoothing out big swings and making explosive breakouts harder to sustain in either direction.
Featured image from Yellow, chart from TradingView
