Executive Summary

The Bitcoin spot price has briefly rallied above $69k after successfully clearing several significant technical and on-chain pricing levels.

From an On-chain perspective, all sub-age-groups within the Short-Term Holder cohort now hold an unrealized profit, likely a tailwind for market sentiment.

However, speculation in futures markets is increasing, with open interest surging to new ATHs and a non-trivial portion attributed to the cash and carry basis trade.