Bitcoin Reclaims $3T Crypto Market Value as BTC Trades Above $87K and Leverage Ramps Up

Bitcoin and the broader crypto market reportedly reclaimed $3 trillion in total market value for the first time since January, as Bitcoin’s rally drew renewed trading interest ^[1].

Bloomberg reported traders are also piling into leveraged bets in perpetual futures, which it said could increase the risk of rapid price swings ^[1].

Multiple outlets reported Bitcoin rose above $87,000, with one stating it reached that level after a short squeeze/liquidations and that fear of missing out (FOMO) hit a level not seen since late 2024, according to Santiment ^{[2] [3]}.

CryptoPotato reported about $648 million in bearish crypto positions were liquidated within 24 hours, adding buying pressure after the short squeeze ^[2].

Blockonomi reported the liquidation of approximately $750 million in short positions as Bitcoin approached and reached $87,000, and it also reported U.S. spot bitcoin ETFs shifted from $746 million in outflows earlier in the week to $433 million in inflows by week’s end ^[3].

Yellow reported Bitcoin gained more than 6% near $86,600 and referenced easing Wall Street fears, while noting that the Federal Reserve and the Bank of Japan raised rates earlier in the month ^[4].