Key takeaways:
- Improved Bitcoin mining profitability and large ETF inflows have calmed traders’ fears that miner promoting may cap BTC worth.
- Bitcoin dominance hits its highest stage since July 2025 as investor curiosity shifts away from struggling altcoin sectors.
Bitcoin (BTC) surged to $80,000 for the primary time in three months on Monday, triggering $270 million in liquidations throughout leveraged quick (promote) futures contracts. This optimistic momentum for Bitcoin coincided with tech shares leaping to an all-time excessive, signaling a broad risk-on setting. At the moment, three key indicators level to additional upside momentum for Bitcoin.
Nasdaq 100 futures (left) vs Bitcoin/USD (proper). Supply: TradingView
Bitcoin’s worth motion maintained a good correlation with the tech-heavy Nasdaq 100 Index. But whereas the US inventory market nears its highest-ever stage, Bitcoin sits 36% beneath its $126,200 peak from October 2025.
Bitcoin Hashprice Index by Luxor, USD. Supply: HashrateIndex
Profitability for Bitcoin miners has additionally improved. The anticipated day by day return for 1 pentahash/second has climbed to $37, a excessive not seen since Jan. 30. This shift is essential as a result of the whole hashrate has dropped 13% during the last quarter. Main publicly listed mining corporations have not too long ago liquidated their Bitcoin treasuries to scale back debt and assist AI information middle investments.
Bitcoin miners, ETF flows and choices demand again BTC’s momentum
For a time, merchants feared {that a} decline in community hash energy would spark further promote stress. Data from BGometrics reveals miner reserves hitting 10-year lows and on Thursday, Riot Platforms (RIOT US) confirmed that it sold $250 million in Bitcoin final quarter. Fortuitously, the current bounce in mining profitability is starting to alleviate these structural considerations.
Bitcoin market share, excluding stablecoins. Supply: TradingView / Cointelegraph
Bitcoin’s market share, excluding stablecoins, has jumped to its highest stage since July 2025. This transfer displays a declining demand for memecoins, governance tokens, and blockchain purposes usually. Diminished curiosity in decentralized exchanges and numerous hacks within finance applications have additionally contributed to the damaging sentiment surrounding altcoins.
Mixed belongings beneath administration for Bitcoin and Ether (ETH) exchange-traded merchandise reached $147 billion, in accordance with a CoinShares report from April 27. Compared, related merchandise for Solana and XRP have failed to interrupt above $3 billion every. Traders’ expectations for institutional demand for main altcoins proved too excessive, as BTC and ETH now account for 95% of that market.
Associated: Bitcoin short-term cost basis approaches profitability, but $80K must flip to support first
Deribit Bitcoin choices premium put-to-call, USD. Supply: Lightness
Demand for name (purchase) possibility premiums exceeded that for equal put (promote) choices on Monday by 24%. This information represents a serious turnaround from ranges seen in the course of the weekend, when premiums paid for name choices have been 25% decrease than these for put choices. Whereas it appears untimely to conclude that merchants are flipping bullish, the worry of an imminent worth decline is not current.
Friday’s sturdy $630 million web inflows into US-listed spot exchange-traded funds (ETFs) probably contributed to the improved sentiment. Whatever the excessive correlation with tech shares, Bitcoin’s path to $85,000 stays legitimate given the elevated mining profitability, dominance versus altcoins and Bitcoin choices information.
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