One thing I wanted to say that happens a lot during times like this is:

Price moves -> Narrative follows

in this case $80K being a big level to flip and hold for BTC imo. People will see XYZ price and think “$100K or new ATH soon?” and end up buying. Also happens a lot in alts as well, like PENDLE was good example of this recently.

On the other hand, BTC usually starts all the rallies in crypto majority of the time. If you go back to the 2022 lows, before most alts, even majors like SOL did any significant move, all eyes were on BTC first; and STRC demand this time around plays a factor in that.

h/t TaikiMaeda2