Bitcoin just reclaimed $93,000, up roughly 10% from Monday’s lows, and fully erased the early-week dip.

This happened right as the market hit peak panic around Strategy and Tether.

◽️ On Strategy, there was never any forced-selling risk. The company holds $1.44B in cash, enough to cover about 21 months of obligations without touching a single BTC.

The $MSTR stock bounced 14% yesterday and the market cap is climbing back toward mNAV.

◽️ As for Tether, the panic was the same as always. Their investments come from profits, not customer funds and solvency was never the issue people tried to make it.

But the rebound had nothing to do with Strategy or Tether. It was triggered by a surprising catalyst: Vanguard.

After years of opposing Bitcoin ETFs, the world’s second-largest asset manager finally flipped and approved BlackRock’s $IBIT for its 50 million users.

The effect was immediate. More than $1B traded on IBIT within thirty minutes of yesterday’s market open.

More than fresh inflows, the Vanguard news turned into a trap for short-sellers.

Nearly $400M in shorts were liquidated over the last twenty-four hours, accelerating the move from $88,000 to $93,000.

Right now, Bitcoin is driven almost entirely by headline-driven sentiment, while the market waits for a clearer picture of the Fed’s monetary stance over the next few months.