Bitcoin gained more than 23% in three days, adding $275 billion to its market capitalization during the sharp rebound. Short-term holders moved 53,000 BTC to exchanges, including 17,800 BTC t
Bitcoin surged more than 23% in three days, reaching about $78,300 on Friday as Grayscale cited signs of a possible durable bottom. Bitfinex said funding cooled quickly after the breakout, while analyst Darkfost reported 53,000 BTC moving to exchanges. Meanwhile, Strategy and Michael Saylor returned to an unrealized Bitcoin profit of $1.87 billion.
According to Grayscale, Bitcoin historically bottoms about 80% below its cycle peak. However, Bitcoin fell roughly 50% from its latest peak, less than previous cycles at this point. Markets had debated another Bitcoin decline in the fourth quarter of 2026.
Grayscale said risks remain, while the latest rally may indicate a more durable bottom. Bitfinex separately reported Bitcoin gaining more than 20% in one week. The exchange also noted that funding rates cooled after the initial breakout.
According to Bitfinex, leverage-driven rallies usually keep funding rates elevated. This time, funding spiked during the breakout before quickly returning to baseline.
Darkfost reported that Bitcoin gained more than 7% Friday alone, closing near $78,300. Over three days, the rally added $275 billion to Bitcoin’s market capitalization. The move also brought heavier exchange inflows as traders took profits.
About 53,000 BTC reached platforms, including 17,800 BTC sent to Binance. Notably, all Binance inflows came from short-term holders who bought their Bitcoin less than one day earlier. Long-term holders, defined as six-month holders, sent no BTC to Binance.
Darkfost described the movements as speculative and non-structural. The 17,800 BTC Binance inflow marked the largest such inflow since February 2026.
The exchange flows came as Bitcoin posted its strongest three-day move in the supplied data. Meanwhile, Strategy and Michael Saylor moved back into profit on their Bitcoin holdings.
According to Darkfost, their unrealized profit reached $1.87 billion. The position had remained underwater since May 27. The latest Bitcoin move therefore coincided with renewed exchange activity and a rapid change in Strategy’s unrealized position.
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