I just checked why cryptocurrencies are rising today, and the truth is that several factors are playing at the same time. Bitcoin is already touching $66.66K, Ethereum surpassed $2.06K, and XRP remains at $1.32. It’s no coincidence.

What had the biggest impact was the liquidation of over $323 million in leveraged positions in the last 24 hours. Most of them were shorts, so when prices started to rise, all those traders betting on a decline had to close their positions suddenly. This generated a strong squeeze effect that accelerated the upward movement.

But that only explains the initial push. What truly sustains the rise in cryptocurrencies is the institutional money flow entering through ETF Spot. Bitcoin accumulated nearly $54.07 billion in total inflows, and just yesterday there was a net movement of $257.7 million. That’s real buying, not leverage. Ethereum and XRP also saw significant capital inflows. When fear was at its peak (Fear & Greed index at 11), institutions took the opportunity to enter.

Another point: the narrative about Jane Street that had caused systemic panic began to clear up. Markets tend to overreact to uncertainty, and when that uncertainty dissipates, prices quickly revalue. This removed a layer of pressure that was holding back buyers.

Looking at the technical levels, Bitcoin broke a downtrend channel on lower timeframes, indicating that the selling momentum paused. Ethereum shifted from aggressive selling to consolidation, and XRP maintains its structure. The total market capitalization rebounded to around $2.26 trillion, so it’s not just isolated strength from Bitcoin.

For this rebound to be sustainable, Bitcoin needs to stay above $66K, ETF Spot inflows must continue, and liquidations should favor the bulls. If that holds, why cryptocurrencies are rising today could last a few more days. Altcoins are also rebounding, confirming broad market participation.