Bitcoin’s rally may be stronger than it looks, not just driven by leverage, but by real demand amidst tightening supply.

Key Takeaways:

• Rising ETF inflows are near their highest levels this year, signaling stronger institutional demand

• Accumulation by long-term holders is concentrating supply into “strong hands”

• Short liquidations helped spark the move, but similar squeezes have historically triggered broader bull trends • Sustained rallies tend to be more durable when supported by spot demand, not just leverage

• Key level: ~$80K short-term holder cost basis - reclaiming this level could confirm a stronger trend, while rejection may signal continued weakness

Institutional demand and tightening supply dynamics point to a more durable market structure forming.

Can $BTC break $80 K and turn this into a sustained trend?