Bitcoin ETFs just added $999M in one day. That's nearly 12,000 BTC. But ETF demand was only part of...

Bitcoin ETFs just added $999M in one day.

That's nearly 12,000 BTC. But ETF demand was only part of the move.

Here's what happened:

• Spot demand was strong. Then shorts got squeezed. $345M in Bitcoin shorts were liquidated in a single day, adding fuel to the move.

• And there wasn't much resistance in the way. URPD shows little historical activity between $80K–$85K, allowing BTC to move through quickly. Now, Bitcoin is testing the next major resistance zone: $85K–$95K.

• The result: Bitcoin jumped from $81,146 to $86,600. That's +6.7% in one day. Spot ETF demand + short liquidations + little historical supply.

• Now the focus shifts higher. BTC needs ETF flows to follow through to push through this area. But the Coinbase Premium Gap has turned negative, suggesting U.S. spot demand has cooled. All eyes are on the U.S. session to see whether ETFs can deliver another strong day.

Watch the data.

@cryptoquant_official