Overview

• Bitcoin is consolidating around $120,000–$124,000 after touching a record near $126,500 earlier this week, with Thursday trade slipping through short‑term support before stabilizing.
• U.S. spot Bitcoin ETFs extended a strong inflow streak, including a reported $1.19 billion net day on Monday and roughly $426 million on Wednesday, with additional sizeable intake reported Thursday morning.
• A sharp pullback triggered broad derivatives stress, with more than $666 million in leveraged positions liquidated over 24 hours and the majority of losses hitting long traders, according to Coinglass.
• On‑chain and exchange metrics point to continued accumulation and constrained supply, with Glassnode estimating about 97% of coins in profit and a notable support zone clustered near $117,000.
• Leverage and options pricing highlight near‑term fragility as futures open interest stretches and funding rates rise above roughly 8%, while a stronger dollar and Fed commentary during a data‑limited period add macro uncertainty.