Bitcoin climbed to $69,550 on Wednesday, its highest point in over a week, after a sharp swing upward from around $62,350 in less than a day. The move came as US stock markets turned green again, giving investors across the board a reason to buy back in.
ETF Cash Returns After Five Weeks Of Outflows
One of the clearest signs of renewed confidence came from the spot Bitcoin exchange-traded fund market. Reports say US-listed Bitcoin ETFs pulled in $257.7 million in a single day on Tuesday — a notable turnaround after five straight weeks of withdrawals that had drained roughly close to $4 billion from those same funds.
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.
The broader stock market’s recovery was partly tied to US President Donald Trump’s State of the Union address on Tuesday night, in which he described his first year in office as an economic success.
He pointed to falling mortgage rates and a 1.7% drop in core inflation over the final three months of 2025. Markets took the speech as a sign that the policy chaos seen in recent months — particularly around tariffs and court battles — might be settling down.
Spot Buyers, Not Speculators, Are Behind This Rally
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.
It fell from above 240,000 BTC earlier in the week to around 235,167 BTC. That kind of drop suggests traders with borrowed money were closing out positions rather than opening new ones.
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 Upward
The 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
