Bitcoin has made a significant rise, exceeding the $80,000 level for the first time in the last three months. This rise caused a total liquidation of $270 million in the futures markets as leveraged short positions were closed. Especially the record rise in technology stocks and Bitcoin’s movement were parallel. This observed positive picture reflects the generally high risk appetite in cryptocurrencies.
The increase in miner profitability was effective
The increasing profitability of miners and large-scale inflows into ETFs also contributed to the upward momentum in the Bitcoin price. According to data from Hashrate Index, daily earnings per pentahash/second rose to $37, reaching its highest value since the beginning of the year. Although total processing power fell 13 percent in the last quarter, this earnings increase somewhat eased the selling pressure on miners. It is known that especially large publicly traded mining companies have recently sold their Bitcoin reserves in order to reduce debt and invest in artificial intelligence-focused data centers.
According to the latest data, while Bitcoin miner reserves dropped to the lowest level in the last decade, Riot Platforms announced that $ 250 million in Bitcoin sales were made last quarter.
Although this situation creates concerns about additional sales pressure due to the decrease in processing power in the network, the recovery in profitability is thought to reduce structural risks for now.
Bitcoin’s market dominance and decline in altcoin interest
Bitcoin’s total market share rose to its highest level since July 2025, excluding stablecoins. This development reveals the apathy and falling demand, especially in the altcoin market. Recently, it is noteworthy that the interest in meme tokens, governance tokens and decentralized platforms has decreased. In addition, problems in financial applications and increasing cyber attacks caused investors to move away from altcoins.
According to CoinShares’ report dated April 27, the total amount of assets under management in exchange-traded products linked to Bitcoin and Ether reached $147 billion. In contrast, none of the investment products belonging to coins like Solana and XRP exceeded the $3 billion threshold. Investors gave weight to Bitcoin and Ether again as the expected institutional demand in major altcoins did not materialize. Currently, these two cryptocurrencies account for 95 percent of the total investments in the respective market.
ETF inflows and options market activity
Last Friday, there was a net inflow of $630 million into spot Bitcoin ETFs traded on US exchanges. This large volume had a positive impact on market sentiment. Additionally, risk appetite increased in the options market; Demand for call options was 24 percent higher than for put options. On the weekend, the opposite picture was seen and put options were by far more expensive. The chart in recent days shows that investors are not worried about a sudden price drop.
However, it is reported that there is still a high price correlation between the Nasdaq 100 index and Bitcoin. However, the Bitcoin price is still 36 percent behind the peak of $126,200 recorded in October last year.
Bitcoin’s short-lived passage of the $80,000 threshold is supported by increasing miner profitability, strong entry into the ETF market and the rise in market dominance. Analysts state that Bitcoin continues to have the potential to reach $85,000.
In summary, in recent weeks, both on-chain data and activity in the ETF and options market are paving the way for Bitcoin’s upward course. The stagnation in altcoins and the increase in investor confidence were among the main dynamics that stood out.
