Bitcoin stabilised above $66,000 following a ceasefire between Iran and Israel, while Hyperliquid's native token HYPE climbed to a fresh all-time high above $76, extending a strong run for the decentralised exchange. Despite the surface-level optimism, analysts at Wintermute and Bitfinex cautioned that the moves lack durable institutional backing. Spot Bitcoin ETF inflows remain inconsistent, suggesting retail and momentum traders are driving price action rather than sustained institutional demand. Analysts note that without meaningful ETF conviction — often seen as a proxy for serious capital commitment — the rally could be vulnerable to reversal. The divergence between headline price performance and underlying market structure has left traders uncertain about whether current levels represent a genuine breakout or a fragile, news-driven bounce.
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