Bitcoin Rises 2.4% to $84,737 as SpaceX Earnings Revive Risk Appetite; Market Weighs $87,000 Test

Bitcoin rose as much as 2.4% to $84,737 on Wednesday, breaking out of a recent sluggish trading range as a tech-stock rally tied to SpaceX (SPCX-US) earnings renewed investor appetite for risk assets. The Office of the Comptroller of the Currency's final measures for payment stablecoin issuers also boosted sentiment. Coinglass data showed bitcoin perpetual futures open interest rising again after weeks of deleveraging, signaling some traders are rebuilding leveraged positions. Wintermute OTC trader Jasper De Maere cautioned the move looks more like a rebound after a decline than the start of a new rally, though a push toward $87,000 with sufficient momentum could change the picture quickly. Deribit reported call demand concentrated at $90,000, $95,000 and $100,000 strikes. Analysts are watching spot bitcoin ETF flows for confirmation. Bloomberg data show about $2.3 billion flowed into such funds over the past month, mostly into BlackRock's (BLK-US) IBIT (IBIT-US). Glassnode noted ETF inflows have not been matched by higher trading volume, which would more strongly confirm broadening demand.