Key takeaways:
- Improved Bitcoin mining profitability and big 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 brief (promote) futures contracts. This constructive momentum for Bitcoin coincided with tech shares leaping to an all-time excessive, signaling a broad risk-on atmosphere. At present, 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 decent 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 each 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 overall hashrate has dropped 13% during the last quarter. Main publicly listed mining companies have lately liquidated their Bitcoin treasuries to scale back debt and help AI knowledge 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. Thankfully, the current soar in mining profitability is starting to alleviate these structural issues.
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 functions normally. Decreased curiosity in decentralized exchanges and numerous hacks within finance applications have additionally contributed to the damaging sentiment surrounding altcoins.
Mixed belongings below administration for Bitcoin and Ether (ETH) exchange-traded merchandise reached $147 billion, in keeping 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 knowledge represents a serious turnaround from ranges seen throughout the weekend, when premiums paid for name choices had 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 now not current.
Friday’s robust $630 million internet inflows into US-listed spot exchange-traded funds (ETFs) doubtless 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 knowledge.
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