The crypto market has risen over 5% to approach $3 trillion, a level not seen since January when it peaked at $3.3 trillion. On September 21st, traders liquidated over $900 million in short positions while Bitcoin ETF net inflows reached $1 billion, creating a bullish effect combining short covering and institutional buying. This move is also supported by favorable macro conditions: oil prices fell more than 8% in two weeks and 10-year Treasury yields retreated from the 5% level. The main warning sign lies in Bitcoin’s Coinbase Premium Index, which has not yet entered positive territory, suggesting U.S. investors remain cautious and that the current rally may be driven by technical factors rather than genuine demand.
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