Bitcoin (BTC) rallied to a weekly high of $69,500 on Wednesday, surging from lows near $62,400 in less than 24 hours. The rebound aligned with a renewed spot Bitcoin exchange-traded fund (ETF) inflows and firmer macroeconomic sentiment after the recent US policy signals helped steady broader risk markets.
Derivatives data shows that BTC’s open interest is falling and funding rates are staying relatively contained, indicating the move was largely driven by spot demand rather than a buildup of leveraged positioning.
Bitcoin one-hour chart. Source: Cointelegraph/TradingView
Bitcoin receives a macro boost and a positive ETF flip
US President Donald Trump’s State of the Union address on Tuesday evening framed the first 12-months of his leadership as an “economic turnaround for the ages,” highlighting falling mortgage rates and a 1.7% decline in core inflation over the final three months of 2025.
Markets interpreted the remarks as a sign of reduced near-term policy uncertainty following tariff and Supreme Court volatility, lifting the risk appetite across equities and crypto.
The US spot Bitcoin ETFs recorded $257.7 million in net inflows on Feb. 24, ending five consecutive weeks of redemptions totaling $3.8 billion. Fidelity drew roughly $83 million, and BlackRock’s iShares Bitcoin Trust added close to $79 million.
Related: Bitcoin daily gains near 5% as analysis eyes bullish ‘rotation’ from gold
Bitcoin futures data clears excess downside risk
As Bitcoin trades above $69,000, futures data shows that its aggregated open interest has stabilized around 235,167 BTC, after previously reaching levels above 240,000 BTC earlier in the week.
The drop in open interest suggests that the excess leveraged positioning has already been flushed out during the recent volatility.
Bitcoin one-hour chart, aggregated funding rate, open interest, and volume. Source: Velo.chart
At the same time, aggregated funding rates remain slightly negative at -0.0037%. Negative funding indicates that short positions are still paying longs, signaling that traders are not aggressively chasing upside exposure despite the price rally.
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