BTC jumped to roughly $115,500, as risk appetite returns with broad market cap rising to over $3.9 trillion.
A short squeeze produced roughly $392 million of liquidations and wiped out ~101,591 traders, with Bitcoin shorts accounting for about $87 million.
Macro catalysts including a good spin in the U.S.–China trade rhetoric and a dovish Fed outlook drove the move. Powell and the Trump–Xi headlines remain primary regime drivers.
Derivatives structure is mixed: funding stays muted/negative and open interest elevated which signals that rallies are real but fragile, subject to quick deleveraging.
Tactical posture: reduce headline sensitivity with staggered sizing; favor core BTC exposure, selected ETH and SOL risk, and maintain cash buffer for volatility.
Onchain data shows major BTC holders turning net positive after the steepest selloff since early 2023, while mid-tier investors reduce exposure, reshaping the balance of market influence.
