Why is crypto up today? BTC short squeeze, ETF inflows & more
The post Why is crypto up today? BTC short squeeze, ETF inflows & more appeared on BitcoinEthereumNews.com. Key Takeaways The crypto market surged following BTC’s short squeeze to a new ATH of $112K. The upswing triggered whales to jump on ETH, lifting altcoins, but memecoins still posted more gains on average. On the 9th of July, Bitcoin [BTC] printed a new record high of $112,025 on the Bybit exchange, briefly lifting select altcoins, including Ethereum [ETH]. The upswing followed a spot BTC ETF daily inflow of $218.04 million, surpassing $50 billion in cumulative net inflows for the first time since its debut. BTC short squeeze lifts the market In addition, the sharp move was triggered by a liquidation hunt for leveraged shorts that was built around $111.5K. Per BTC trader, Cryp Nuevo, “$111.5k liquidation target hit! When price consolidates, liquidation targets are very powerful. They tend to act as price magnets.” Source: Cryp Nuevo/X The trader had previously marked out the level as a potential bullish target for a liquidity hunt. Bitwise’s Head of Alpha Strategies, Jeff Park, also shared the same thesis. In fact, BTC’s buying pressure spiked nearly $660 million in a single 1-minute candle, confirming an aggressive short squeeze also fueled the the bullish run. SUI, ETH lead the altcoin pump Source: CoinRank crypto market snapshot (At 07:06, July 10, New York Time) Amongst the major L1 altcoins, Sui [SUI] and ETH led the market recovery with 9% and 6% respectively. In particular, ETH’s jump to $2.8K, attracted 7 whales, including Abraxas Capital and SharpLink Gaming, buying a collective $358 million of ETH. Meanwhile, Solana [SOL] climbed 2.5% and nearly tagged $160, as Cardano [ADA] surged 4%. Some select tokens, like Hyperliquid [HYPE], Monero [XLM], Bittensor [TAO], and Hedera Hashgraph [HBAR], also posted 5%-6% during the day’s pump. From a sector-wise perspective, memecoin topped the charts with several gems like Popcat [POPCAT], Useless Coin…
The post Why is crypto up today? BTC short squeeze, ETF inflows & more appeared on BitcoinEthereumNews.com.
Key Takeaways The crypto market surged following BTC’s short squeeze to a new ATH of $112K. The upswing triggered whales to jump on ETH, lifting altcoins, but memecoins still posted more gains on average. On the 9th of July, Bitcoin [BTC] printed a new record high of $112,025 on the Bybit exchange, briefly lifting select altcoins, including Ethereum [ETH]. The upswing followed a spot BTC ETF daily inflow of $218.04 million, surpassing $50 billion in cumulative net inflows for the first time since its debut. BTC short squeeze lifts the market In addition, the sharp move was triggered by a liquidation hunt for leveraged shorts that was built around $111.5K. Per BTC trader, Cryp Nuevo, “$111.5k liquidation target hit! When price consolidates, liquidation targets are very powerful. They tend to act as price magnets.” Source: Cryp Nuevo/X The trader had previously marked out the level as a potential bullish target for a liquidity hunt. Bitwise’s Head of Alpha Strategies, Jeff Park, also shared the same thesis. In fact, BTC’s buying pressure spiked nearly $660 million in a single 1-minute candle, confirming an aggressive short squeeze also fueled the the bullish run. SUI, ETH lead the altcoin pump Source: CoinRank crypto market snapshot (At 07:06, July 10, New York Time) Amongst the major L1 altcoins, Sui [SUI] and ETH led the market recovery with 9% and 6% respectively. In particular, ETH’s jump to $2.8K, attracted 7 whales, including Abraxas Capital and SharpLink Gaming, buying a collective $358 million of ETH. Meanwhile, Solana [SOL] climbed 2.5% and nearly tagged $160, as Cardano [ADA] surged 4%. Some select tokens, like Hyperliquid [HYPE], Monero [XLM], Bittensor [TAO], and Hedera Hashgraph [HBAR], also posted 5%-6% during the day’s pump. From a sector-wise perspective, memecoin topped the charts with several gems like Popcat [POPCAT], Useless Coin…
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