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Key Insights:
- Texas advances Bitcoin reserve bill with major legislative support.
- Short liquidations spike as market sentiment enters greed territory.
- All tracked Bitcoin wallets now show full on-chain profitability.
Bitcoin price surged to a new all-time high of $111,880 on Thursday, posting a 4.05% daily gain. The rally coincided with easing global tensions, surging derivatives activity, and heightened institutional demand.
Ethereum price also climbed, gaining 2.86% to reach $2,631. The wider crypto market followed, lifting the total market capitalization to $3.66 trillion.
Trading data supported the rally. Daily volume jumped 74.69% to $219.36 billion, while crypto futures open interest increased 18.58% to $80.11 billion. These shifts indicated broad capital inflow and renewed investor confidence.
Short Liquidations Accelerate Amid Bitcoin Price Surge
As the rally unfolded, market liquidations intensified—primarily affecting bearish traders. In the past 24 hours, total liquidations amounted to $225.67 million. Of this, $179.34 million came from short positions, while $46.34 million came from longs. In the most recent 12-hour window, short liquidations stood at $63.26 million, far outpacing the $8.17 million in long positions.
This sharp imbalance suggests a widespread price squeeze on overleveraged short positions. Notably, the surge in options activity added to the picture. Options volume jumped 88.52% to $8.12 billion, while open interest in options rose by 5.38% to $46.97 billion. The disparity between volume and open interest indicates an influx of short-term or speculative positions, further amplifying market volatility.
Meanwhile, the Fear & Greed Index registered at 72, placing market sentiment squarely in “greed” territory. Analysts have attributed the sharp move higher to multiple drivers converging simultaneously.
Texas Passed the Strategic Bitcoin Reserve Bill
A major policy driver emerged from Texas. Lawmakers approved Senate Bill 21, which the House passed with a 101–42 vote. The bill proposed a state-managed digital asset fund called the Texas Strategic Bitcoin Reserve.
The fund would be managed by the Texas Comptroller and limited to assets with a market cap over $500 billion. Currently, that list included only Bitcoin.
Analysts said this bill represented a landmark move for state-level crypto adoption. The measure added institutional credibility and helped boost sentiment among U.S.-based investors.
Meanwhile, VanEck prepared to launch a Real World Asset (RWA) fund on Avalanche (AVAX). That move signaled growing institutional interest in blockchain infrastructure and tokenized finance.
On-Chain Metrics Confirmed Full Profitability for Bitcoin Holders
On-chain platform IntoTheBlock reported that 100% of tracked Bitcoin wallets were in profit. This marked the first time in this cycle that every monitored wallet showed positive returns.
The total Bitcoin supply in profit reached 19.89 million BTC, representing an unrealized market value of $2.21 trillion. The data reflected high long-term conviction across holders.
Michael Saylor highlighted Bitcoin’s profitability in a post, stating that historical buyers were in strong positions. Crypto outlet Altcoin Daily echoed this, noting long-term holders were now in green across the board.
Legislative progress in Washington added to the momentum. According to David Sacks, the GENIUS Act earned bipartisan support in the U.S. Senate. If passed, it could create legal clarity for dollar-backed crypto assets and expand demand for U.S. Treasuries on-chain.
This Bitcoin rally came on the back of favorable legislation, rising open interest, and strong on-chain metrics. With institutional funds launching, state governments passing crypto laws, and derivative markets exploding in volume, bulls continued to hold the upper hand.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
