Bitcoin Surges ~25% in 7 Days, Breaking Above $80,000 to Hit Highest Level Since May
Nashnova编辑部
Bitcoin surged roughly 25% over seven days to break $80,000 — its highest since May — after the U.S. Treasury announced it would at least double long-dated bond buybacks; yet on-chain transaction volume sits near an eight-year low, casting doubt on sustainability.
What triggered this rally?
The U.S. Treasury announced it would at least double the size of its long-dated bond buyback program. Markets read it as a liquidity-easing signal, and spot buying flooded into crypto.
This means → the move was not driven by crypto-native speculation but by a macro-liquidity bet prompting capital reallocation.
Blockchain analytics firm Glassnode noted that deepening on-chain liquidity points to "meaningful capital deployment." In plain terms = real money entered, not just leveraged bets.
It rallied hard — where are the warning signs?
Roughly $3 billion in crypto short positions were forcibly liquidated in two days. This short squeeze — shorts forced to buy back, amplifying the price spike — was a major accelerant.
Yet Bitcoin network transaction volume remains near an eight-year low. Price hit new highs while on-chain activity lagged — a clear divergence.
This reflects a rally powered more by derivatives-side short clearing than by fresh user adoption or on-chain demand growth.
What does the derivatives market look like now?
Longs account for over 51% of taker flow, signaling bullish sentiment; but Bitcoin futures open interest stays low at around 700,000 BTC.
In plain terms = after last week's squeeze, the market has not rushed to re-lever. That actually reduces vulnerability to sharp swings in either direction.
Solana open interest rose 4% in 24 hours to 66.14 million SOL. The token has traded in a $70–$100 range since February; a sustained hold above $100 could accelerate inflows.
What is the options market betting on?
Some traders spent millions of dollars betting on a quick Bitcoin breakout past $82,000. Twenty-four-hour options volume tilted bullish for both Bitcoin and Ethereum.
But per derivatives platform Laevitas, Bitcoin and Ethereum 7-day skew remains negative. This means → the market is chasing upside and buying downside protection at the same time — sentiment is not one-sided.
Bitcoin's 30-day implied-volatility index BVIV fell from 49% last Friday to 45%. Volatility sellers have re-entered, capping some upward momentum.
How are macro assets and altcoins performing?
Gold extended its rally to $4,650 per ounce, a three-month high. Brent crude dropped over 2% in 24 hours; markets shrugged off the U.S. expanding sanctions on Iran — the so-called "economic D-Day."
Among altcoins, Stacks (STX) gained 16%, Virtuals Protocol (VIRTUAL) 12.5%, Polygon (POL) 12%, and Injective (INJ) 10%. Aave (AAVE) and Ethena (ENA) bucked the trend, falling 8.5% and 6.4% respectively.
Whether Bitcoin can hold at current levels is the key test of whether this capital deployment has staying power.
Content is for reference only, not financial advice.