BTC▼$62,621.00 price is staying above $81,000 after two heavy ETF inflow days and a fresh pause in Washington’s Strait of Hormuz response.
Bitcoin price is holding above $81,500 on May 6 as fresh spot Bitcoin ETF inflows and a calmer risk mood help BTC extend its six-day winning streak, its longest since October.
The cleanest reason behind the surge remains ETF demand as U.S. spot Bitcoin ETFs recorded $467.3 million in net inflows on May 5, according to Farside Investors, after taking in $532.3 million on May 4.
The May 5 inflows were led by BlackRock’s IBIT with $251.4 million, followed by Fidelity’s FBTC with $133.2 million and Ark Invest and 21Shares’ ARKB with $92.3 million. That gives Bitcoin two straight heavy inflow days just as BTC is trying to hold above the $81,000 area.
Read also: Strategy Signals First-Ever Potential Bitcoin Sale: What Happened?
Geopolitics is Helping BTC Price, But Indirectly
The geopolitical backdrop also appears to be part of the story, though the market signal isn’t totally clean. The sequence around the Strait of Hormuz has been pretty chaotic.
- First, U.S. Secretary of State Marco Rubio said “Operation Epic Fury” had achieved its objectives.
- Then, Washington quickly moved to announce “Project Freedom,” a narrower effort to guide commercial ships through the Strait of Hormuz.
- And then, almost immediately, Trump paused that too.
Trump said the operation is being put on hold while Washington tries to finalize a deal with Iran, though the U.S. blockade of Iranian ports remains in place.
Bearish Bets Get Squeezed
The move above $81,000 is also hurting traders who were betting on Bitcoin to fall. According to CoinGlass data, over 105,700 traders were liquidated over the past 24 hours, with total liquidations at $339.6 million.
- Shorts made up most of the damage, with $258.7 million liquidated, compared with $80.7 million in long positions.
Bitcoin accounts for a large chunk of that wipeout. The data shows about $101.3 million in BTC liquidations over the same period, including $89.6 million in shorts and $11.6 million in longs.
Read more: Bitcoin Price Slide Looks Less Like Quantum Panic, Grayscale Says
