Key takeaways
- BTC jumped to roughly $115,500, as risk appetite returns with broad market cap rising to over $3.9 trillion.
- A short squeeze produced roughly $392 million of liquidations and wiped out ~101,591 traders, with Bitcoin shorts accounting for about $87 million.
- Macro catalysts including a good spin in the U.S.–China trade rhetoric and a dovish Fed outlook drove the move. Powell and the Trump–Xi headlines remain primary regime drivers.
- Derivatives structure is mixed: funding stays muted/negative and open interest elevated which signals that rallies are real but fragile, subject to quick deleveraging.
- Tactical posture: reduce headline sensitivity with staggered sizing; favor core BTC exposure, selected ETH and SOL risk, and maintain cash buffer for volatility.
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