For the first time in three months, Bitcoin surged past the $80,000 mark, signaling a major rally in the cryptocurrency market. This notable jump led to the liquidation of $270 million in leveraged short positions across futures markets. The move aligned closely with record-breaking gains in technology stocks, reflecting a robust risk appetite among crypto investors overall.
Miner profitability supports upward movement
The strong upward momentum in Bitcoin’s price has been fueled by rising miner profitability and significant inflows into Bitcoin exchange-traded funds (ETFs). Data from Hashrate Index shows that daily earnings per petahash per second climbed to $37—the highest level since the start of the year. Although the total computing power on the Bitcoin network has fallen by 13% this quarter, improved mining profits have eased some selling pressure on miners. Many publicly listed mining companies have been selling part of their Bitcoin reserves in recent months mainly to reduce debt or invest in AI-focused data centers.
Latest figures show Bitcoin miner reserves have dropped to their lowest point in a decade, and Riot Platforms reported selling $250 million worth of Bitcoin last quarter.
While this situation has sparked concerns about additional selling due to the reduced network hash rate, the rebound in miner profitability is believed to have temporarily alleviated deeper structural risks for now.
Market dominance rises as altcoin interest wanes
Bitcoin’s total market share, excluding stablecoins, has reached its highest level since July 2025. This shift highlights waning interest and declining demand in the altcoin market. Recently, investor enthusiasm for meme tokens, governance tokens, and decentralized platform coins has diminished noticeably. Financial platform issues and a wave of cyberattacks have contributed to a broader exodus from altcoins.
According to CoinShares’ April 27 report, total assets under management in exchange-traded products linked to Bitcoin and Ether reached $147 billion. In contrast, investment products for coins like Solana and XRP have all failed to cross the $3 billion threshold. With anticipated institutional demand for major altcoins not materializing, investors are shifting back to Bitcoin and Ether, which now account for 95% of assets in these markets.
ETF inflows and options market activity intensify
Spot Bitcoin ETFs traded on US exchanges saw net inflows of $630 million last Friday, a clear indicator of positive market sentiment. In the options market, investor risk appetite also surged: demand for call options outpaced that for put options by 24%. Earlier in the week, the reverse scenario was evident, with put options commanding far higher premiums. The recent trend shows that investors are less worried about sudden price drops in Bitcoin.
Despite these optimistic signals, Bitcoin’s price remains closely correlated with the Nasdaq 100 index. Even with the latest rally, the price of Bitcoin is still 36% below its all-time high of $126,200, reached in October last year.
The brief jump above $80,000, increased miner profitability, robust ETF inflows, and Bitcoin’s rising market dominance have been key drivers of the latest surge. Analysts continue to see potential for Bitcoin to reach $85,000 in the near future.
In summary, recent weeks have seen significant on-chain activity and lively action in ETF and options markets, both propelling Bitcoin’s upward trend. The combined lull in altcoins and growing investor confidence were among the major dynamics shaping these latest moves.
