Bitcoin
Bitcoin Reaches Seven-Month Peak Amid Surge in Corporate Buying and Short Liquidations
A sharp rally brought Bitcoin to $87,395, propelled by large institutional purchases, heavy derivatives liquidations, and elevated sentiment indicators.
Bitcoin reached an intraday peak of $87,395 on September 21, marking its highest valuation since January 29. The move followed a weekly close above the 50-week moving average and was amplified by significant derivatives market activity. Data from Coinglass showed $746.6 million in total crypto liquidations over 24 hours, with short positions accounting for $647.9 million, while overall market volume grew 39% to $224 billion.
Market sentiment indicators shifted sharply upward alongside the price advance. Santiment registered 954 bullish social mentions against 269 bearish ones, marking the highest positive sentiment reading since December 2024, while the Crypto Fear and Greed Index climbed into "Extreme Greed" at 78. Corporate treasuries and spot funds also expanded their allocations, with Strive acquiring 1,355 Bitcoin to reach 26,355 coins, Strategy purchasing 950 coins to bring its treasury to 846,000, and U.S. spot ETFs recording $999 million in net daily inflows.
Despite the upward price action, market data showed indicators prompting caution. Total derivatives open interest grew 7.59% to roughly $156 billion, pointing to rising leverage across the market, while month-to-date spot ETF inflows of $1.3 billion remained below the $3.5 billion recorded in August.
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