Bitcoin breaks $66,000 but 4 key signals show this rally is far from normal
Bitcoin climbed above $66,000, but the rebound is still fragile. The move comes after a deep drawdown, with only 53% of circulating supply in profit and unrealized losses equal to about 16% of market value. Spot trading remains weak: 30-day daily volume is well below historical norms, and market orders still lean toward sellers. Derivatives traders remain cautious, paying elevated premiums for put options and keeping futures leverage lower than earlier in the year. Long-term holders are mostly not selling, with about 79% of supply unmoved for at least six months, which limits available supply. Some coins are returning to exchanges, but only modestly. Demand is improving from US spot Bitcoin ETFs, which posted six straight days of inflows totaling more than $930 million after a heavy month of outflows. The rally now depends on whether broader spot buying returns and gives the breakout stronger support.
