Bitcoin Stays Above $80,000 while Injective Jumps on ETF Approval News
Bitcoin holds above $80,000 as market recovers
Bitcoin is trading near $80,250, maintaining its position above the $80,000 mark following a significant jump on Wednesday. This price stability comes as U.S. spot Bitcoin ETFs—investment funds that allow people to buy Bitcoin through regular stock markets—ended a three-day period of outflows by taking in $74.6 million.
While Bitcoin dipped slightly by 0.2% since midnight, it has gained 2.5% over the last 24 hours. The broader crypto market showed mixed results, with Ether falling 0.4% since midnight despite a 4% gain over the full day.
Key market movements and figures
- Bitcoin holds steady at $80,250 after rising from $78,000 on Wednesday.
- Injective (INJ) rose 10% over 24 hours, leading gains among top crypto assets.
- Total crypto liquidations reached $715 million, a 53% increase from the previous day.
- Political tokens saw sharp declines, with Official Trump (TRUMP) falling 14% and World Liberty Financial (WLFI) dropping 4%.
SEC filing shows approval for Injective ETF
The Injective (INJ) token saw a significant price increase after Nasdaq approved the listing of Canary Capital’s staked INJ ETF. According to an SEC filing, the new fund will trade under the ticker INJC. This news helped the token rise approximately 6% since midnight UTC.
Short sellers forced to close positions in $715 million liquidation
The recent rally appears to have been driven largely by a \"short squeeze.\" This happens when traders who bet that prices would fall are forced to buy back their positions as prices rise, pushing the price even higher. About 65% of the $715 million in liquidations were short positions.
Trading data shows that demand for downside protection has dropped significantly. Most active Bitcoin options are now \"calls,\" which are bets that the price will continue to rise toward $85,000. In contrast, Ether options remain focused on \"puts,\" which are bets that the price may fall.
Confirmed data on ETF flows and liquidations
Financial reports confirm that Bitcoin ETFs saw a net inflow of $74.6 million on Wednesday. Market data also shows that while trading volume for futures rose 15% to $244 billion, open interest—the total number of active contracts—only grew by 1%. This suggests that most market activity involved traders moving in and out of existing positions rather than new investors entering the market.
Uncertain details on quantum security proposal
A Bitcoin developer has introduced a proposal to create \"landmines\" within the network. These would reportedly cause thieves using quantum computers to lose their stolen Bitcoin. However, the specific technical details and the timeline for such a development remain unclear.
Market sentiment shifts toward optimism
The overall market mood has improved, with the Fear and Greed Index moving from 37 up to 42, placing it back in neutral territory. The crypto rally coincided with an 8% drop in oil prices and a rise in U.S. stocks following the midterm elections. Traders appear less concerned about immediate price drops, as the extra cost for protection against falling prices has nearly disappeared.
Upcoming economic reports to watch
Investors are now looking toward upcoming economic data for further direction. Initial jobless claims are expected later today, followed by a major U.S. jobs report on Friday. These reports often influence how both traditional and crypto markets perform.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
