Institutional investors and corporate-level Bitcoin accumulation remain the primary drivers of BTC’s price gains, despite the lack of bullish leverage.
Key takeaways:
Bitcoin (BTC) reclaimed the $78,000 level amid broader risk-on sentiment, as the S&P 500 Index jumped to an all-time high on Friday. Despite 15% gains over the past 30 days, options markets are pricing in 25% odds that Bitcoin will trade above $84,000 by the end of May.
Derivatives markets remain skeptical of further gains, although institutional spot demand remains solid.
