Bitcoin Eyes $85K as Risk-On Sentiment Strengthens and Miner Profits Improve

BTC Rally Aligns With Record Stock Market Momentum

Bitcoin has pushed back toward the $80,000 level, supported by a broader risk-on environment as the Nasdaq 100 reaches fresh highs. The move triggered roughly $270 million in short liquidations, signaling strong upward pressure. Despite the rally, Bitcoin remains about 36% below its October 2025 peak of $126,200, leaving room for further upside.

Mining Profitability and ETF Inflows Ease Market Concerns

Improving fundamentals are reinforcing sentiment. Mining profitability has climbed, with daily returns per unit of hash power rising to around $37, the highest since late January. This comes as network hashrate declined 13% over the past quarter, previously raising concerns about forced selling.

At the same time, strong inflows into spot ETFs including a recent $630 million daily increase have helped offset fears of miner-driven supply pressure. Combined assets under management in Bitcoin and Ethereum investment products now stand near $147 billion.

Bitcoin Dominance and Options Data Support Bullish Outlook

Bitcoin’s market dominance has reached its highest level since mid-2025, reflecting weakening demand for altcoins. Options markets also show improving sentiment, with call demand exceeding puts by 24%.

Together, these indicators suggest momentum is building, with $85,000 emerging as a plausible next target if current conditions hold.