I think this rally may have less to do with improving crypto fundamentals and more to do with capital seeking portability as geopolitical risk rises. The CLARITY Act failed, there was no obvious Fed liquidity surge, yet Bitcoin reversed sharply just as Houthi attacks and broader Gulf instability intensified. I think some Middle Eastern capital may be moving toward globally liquid assets that are harder to strand inside a domestic banking system, with ETF buying providing the channel and short covering amplifying the move.
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