Bitcoin returns to $80k, but the market structure is more fragile than it appears.

Yesterday, US Bitcoin spot ETF net inflows reached $532 million, with BlackRock's IBIT taking in $335 million alone, and institutional buying continues.
But data from Coinglass shows that funding rates on mainstream CEXs and DEXs have turned fully negative—market sentiment has turned bearish again.
A key contradiction: if Bitcoin breaks above $82k, the cumulative short liquidation on mainstream CEXs will reach $80k;
while if it drops below $78k, long liquidations will hit $82k.
Shorts are piling up, but longs are more vulnerable.
Trader Eugene says $80k is a critical level; once stabilized, speculators will return.
But currently, Asian buying has weakened, and Western trading desks are supporting the rally alone.
Rising miner profits and improved options markets are fueling the rebound, but macro headwinds remain—though the Fed's Williams says no rate hikes are planned for now, long-term rate cut expectations are narrowing.
Caution point: the divergence between bearish funding rates and spot ETF inflows indicates doubts about the sustainability of derivatives markets.
If the short liquidation wave pushes prices higher but lacks new buying, the risk of a correction will quickly increase.
The $80k level is a psychological barrier and also a minefield for leveraged liquidations.
$btc #ibit