Disbelief at $110k

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Ahead Of The Curve

09 Jun 2025

Disbelief at $110k

Bitcoin nears ATH at $110k after a week of highs and lows. Despite volatility, trader sentiment stays cautious, with funding rates matching levels from local bottoms over the past 2.5 years. Risk-off tone = fuel for the next leg up?

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Quiet near all-time highs

Bitcoin saw wild swings last week, plunging to $100,500 after a bizarre market shake-up sparked by a public spat between Elon Musk and Donald Trump. But just as quickly, it rebounded to $110,600 by June 9. A rush of short covering helped fuel the rally, creating a wave of momentum. Interestingly, traders stayed cautious throughout, with funding rates even dipping into the red. This kind of defensive behavior near all-time highs is unusual, and it might just be the fuel for bitcoin’s next big leg up.