$BTC Yesterday once broke through $87K, with an intraday gain of nearly 7.7%; spot ETF net inflows of about $617.6M; liquidations of about $1.22B, including about $1.07B for shorts. Crypto total market cap has returned to around $2.8T, the highest since late January. That suggests this rally is driven by at least three forces: real ETF buy orders, shorts being forced to cover, and a broad rebound in risk assets.

A-jian believes a big reason for this move is that after the price broke through the top of the September range box, it hit a very dense liquidation band for shorts, forcing short-sellers to unwind and push the price another leg higher. So this looks more like a mechanism-driven rally. And once the shorts are cleared, the market then needs new spot buyers to keep the flow going; if the price keeps trading sideways for a few days, funding rates, time value, and drawdowns start to get charged.

As for the overall rebound in risk assets, it’s mainly because oil prices have pulled back, expectations for U.S.-China diplomacy have improved, and crypto’s own regulation and tokenization logic continue to strengthen. Putting it all together, macro pressure has only temporarily eased—there hasn’t been a key signal for a full-blown bull trend #比特币突破8.5万美元