Crypto
Bitcoin surges above $80,000 but Wintermute cautions rally looks like short squeeze
Bitcoin has climbed back above $80,000, but algorithmic trading firm Wintermute views the move as a short squeeze driven by derivatives liquidations rather than spot-led demand. It cited rising futures open interest and weak spot volumes, warning the rally could reverse sharply without spot buying. Wintermute said funding rates remain below normal and another round of liquidations is possible. It noted supportive longer-term signals including spot ETF inflows and falling exchange balances.
