Bitcoin Surges 22% to $79K as Leverage Remains Under Control
The Bitcoin price surged about 22% from $63,500 to nearly $79,000 in recent days.
Coin-based open interest fell by 11% to approximately 312,600 BTC, while fresh demand for Bitcoin ETFs added to spot buying during the rebound.
Forced short closures accelerated the steepest section of the move, with traders not chasing the move with more coin-denominated leverage.