BTC at $84,194 with hash rate at 1,048 EH/s and dominance holding 59.67% frames a genuine risk-on shift from yesterday's mixed regime, amplified by MicroStrategy's 7.54% equity surge and Tesla-SpaceX merger talks that could consolidate 30,221 BTC under one corporate roof.

Summary

BTC gained 1.73% in 24 hours to $84,194, its 7-day return now +3.17%, while ETH added 1.25% to $2,473.54. Fear & Greed sits at 68 (Greed), up from yesterday's mixed read, and BTC dominance is unchanged at 59.67%, meaning alts are participating but not leading. The macro backdrop is constructively aligned: Nasdaq +1.05%, NVIDIA +2.54%, MicroStrategy +7.54%, and gold only +0.34%, suggesting risk appetite is rotating toward growth assets rather than defensives. On-chain volume at $401M and fees at 4 sat/vB signal healthy but not frothy demand. Conviction is higher today than yesterday: the regime is no longer mixed, it's leaning risk-on across equities and crypto simultaneously.

Market Pulse

Open interest on BTC derivatives sits at $3.42B on Hyperliquid with a long/short ratio of only 1.02 and funding at +0.0002%, so the rally isn't being driven by overleveraged longs chasing price. That's the healthiest sign in today's tape. If BTC reclaims $85,000 and funding stays below +0.01%, this move has room to extend; if OI spikes without a corresponding price breakout, that's the crowding signal to watch.