Bitcoin approached $87,000 as a large-scale short squeeze strengthened a rally that had also been supported by renewed inflows into U.S. spot Bitcoin ETFs, rising futures leverage and improving risk appetite. Santiment said bullish expectations had substantially overtaken bearish views, with approximately $648 million in crypto short positions liquidated over 24 hours and total crypto trading volume up 39%. Bitcoin previously reached $87,010, up 7.41% over 24 hours, while Ethereum traded at $2,800.26 after gaining 5.98%, according to OKX data. Separate CoinGlass data showed $926 million in crypto liquidations during one 24-hour period, including roughly $785 million in shorts. Santiment said forced buying by short sellers accelerated the rise and drew late buyers into the market, while cautioning that sharply one-sided sentiment increases risk relative to last week's fearful market conditions without, by itself, confirming an imminent reversal.