Bitcoin price surge faces pressure from ETF capital outflows

Bitcoin's recent 11.65% weekly rebound, which pushed the price above $85,000, shows signs of genuine spot and on-chain participation following an initial short squeeze. While Glassnode data indicates a shift from net selling to net buying on exchanges, the market faces potential vulnerability as futures open interest and profit-taking levels remain elevated. Future price action depends on whether spot demand can absorb leveraged positioning.