Wintermute notes BTC’s rally lacks spot demand, with open interest rising to $58 billion amid low volumes.
Bitcoin briefly topped $83,000, its highest since January, as U.S. equities extended gains for a sixth week. The Nasdaq and S&P 500 also hit fresh highs, but Wintermute warned the BTC move resembles a short squeeze rather than a sustainable breakout.
Open interest in Bitcoin futures climbed from $48 billion to $58 billion over the past month, while spot trading volumes remain near two-year lows. This suggests the rally is fueled by forced short covering rather than organic demand.
Key macro events, including this week’s CPI data and the Federal Reserve chair transition, could further influence market direction.