Bitcoin Soars Past $79K As Glassnode Risk Index Hits Zero
BTC has broken above $79K after Glassnode's risk index dropped to zero, signaling a cleared path for further upside. The market intelligence firm's proprietary Risk Index measures systemic risk on a scale of 0 to 100 and is currently at its lowest level.
Glassnode pointed to sustained inflows into Bitcoin ETPs and aggressive demand from spot buyers as support for the asset. This is in line with K33 analyst Vetle Lunde's assessment that 'we continue to see strong breakout potential for BTC, with concentrated shorts providing ample fuel for a move higher.'
The rally has also dragged other assets up, including Ethereum, Solana, and XRP. Crypto-linked stocks have joined the move, with Strategy jumping 10%, Circle adding 9%, and Coinbase gaining 6%.