•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Bitcoin (BTC) traded near $80,000 on Friday after failing to break through $82,500. Market participants grew more cautious following US-listed spot Bitcoin exchange-traded funds (ETFs) that recorded $268 million in net outflows on Thursday. At the same time, $270 million in leveraged bullish Bitcoin futures positions were liquidated within 24 hours, prompting renewed debate over whether a sustained bear market is beginning to take hold.
The reversal in spot ETF flows on Thursday ended a four-day streak of positive net inflows. The change stands out because broader risk sentiment in traditional markets appeared strong: the S&P 500 Index hit an all-time high on Friday, while the US small-cap Russell 2000 Index remained within 2% of its own record peak, suggesting no widespread de-risking across equities.
In derivatives, the liquidation of $270 million in leveraged bullish futures positions within a day added pressure and increased the urgency for traders to reassess near-term direction.
Concerns about the durability of the bull run also surfaced from reported declines in retail engagement tied to major crypto platforms. Coinbase reported a 31% revenue decline compared with the first quarter of 2025, while crypto-related revenue on Robinhood fell by 47% over the same period.
On exchange positioning, top traders at Binance reduced their Bitcoin longs to the lowest levels in over four weeks. Meanwhile, whales and market makers at OKX added bullish exposure after Bitcoin broke above $80,000 on Tuesday, but later trimmed those positions on Friday.
Overall, the 0.27 long-to-short ratio among top traders at OKX is well below the 1.20 level recorded just ten days earlier.
Despite the near-term caution reflected in ETF flows and derivatives, the article highlights two macro-related factors that could support a sustained bull run. First, the US dollar has weakened against other major fiat currencies over the past two months, which can reduce incentives to hold US Treasuries—particularly amid high oil prices.
Second, rising US government debt may increase demand for scarce assets. While stocks and gold remain the primary options for many investors, Bitcoin is described as a potential beneficiary of a weaker US dollar environment.
Expectations are also building around the possibility that the US Strategic Bitcoin Reserve could begin adding BTC. Kevin Warsh is expected to replace Fed Chair Jerome Powell in the near term. The article notes that Warsh has reported significant holdings in cryptocurrency assets and companies and has previously expressed pro-Bitcoin views.
It also references prior comments by US Treasury Secretary Scott Bessent about budget-neutral strategies for acquiring Bitcoin. In that context, potential outflows from fixed-income investments tied to a weaker US dollar and higher inflation are cited as factors that could increase the odds of continued bullish momentum.
The article concludes that recent spot Bitcoin ETF outflows do not necessarily confirm that a bear market is underway, even if top traders’ positioning suggests reduced confidence in a short-term rally.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
