From $62.4K to $69.5K in less than 24 hours. $BTC’s rebound wasn’t fueled by leverage chasing. Open interest cooled from >240K BTC to ~235K, funding remains slightly negative, and spot ETFs flipped to +$257M after weeks of outflows. Macro tailwinds helped: stronger earnings, easing policy uncertainty, and risk appetite returning across equities. Order book data shows heavy bids absorbed selling around $60K–$63K, triggering an ~8% expansion. CVD is rising, pointing to real spot demand. With leverage reset and dealers reportedly long gamma (dampening volatility), this move looks structurally cleaner than prior squeezes. If $70K breaks on sustained spot flow, does that unlock continuation?