Why is crypto up today? BTC short squeeze, ETF inflows & more

Key Points

1. Bitcoin (BTC) reached a record high of $112,025 on Bybit, fueled by a spot BTC ETF daily inflow of $218.04 million and a short squeeze targeting $111.5K.

2. Ethereum (ETH) and Sui (SUI) led altcoin gains, with ETH attracting $358 million in whale purchases as its price jumped to $2.8K.

3. Other tokens like Solana (SOL), Cardano (ADA), and select memecoins also posted gains, with some sectors seeing 10% returns.

4. The market's next movement may hinge on June inflation data and Fed rate cut expectations, with September cuts being priced in.

5. Whale activity and leveraged short liquidations played a significant role in the market's upward momentum.