As the spot ETF narrative hogs the limelight, the U.S. Treasury's recent decision to slow the pace of bond sales and worsening economic and geopolitical issues silently strengthen the bullish case in bitcoin.

The one-month call-put skew has risen above 10%, indicating a strongest bullish bias in 31 months.

Over $62 million in bitcoin shorts were liquidated in the past 24 hours, contributing to higher prices.

The fund continues to sell GBTC as shares have rallied 235% this year, outperforming bitcoin and traditional risk assets.