Bitcoin breaks through the $80,000 mark, and it's not driven by spot buying pressure at all, but entirely by perpetual futures short squeeze rallying.

In the past month, open interest in futures contracts has surged by over $10 billion, reaching a scale of $580 billion, while spot trading volume has fallen to a two-year low. After the price stabilized above $70,000, a large number of short positions were forcibly liquidated one after another, with passive buy orders flooding in, directly pushing the market higher layer by layer.
Institutions have already issued warnings that without the support of strong spot fundamentals, the rally is very fragile and could reverse quickly at any time.
Even if spot ETFs continue to see net capital inflows and Bitcoin holdings on exchanges hit a seven-year low, it still cannot hedge against the current short-term risks. U.S. inflation data exceeding expectations and the unpredictable Federal Reserve personnel nominations will continue to bring volatility pressure to the market.
While there is still a possibility of pushing past $85,000, rushing into the market at this point carries risks far greater than potential rewards. The crypto space should never be misled by surface illusions; understanding leverage's true nature, maintaining your own rhythm, and staying rational and disciplined are the keys to staying steady amid big swings. #Gate广场五月交易分享 #美国4月CPI上涨3.8% #Polymarket每日热点 $ETH $BILL