Bitcoin is rallying again as the tech rebound brings speculative appetite back. That is a risk-on tell, and it matters more for beta than fundamentals: if tech holds, crypto follows.

What happened: Bitcoin rose as much as 2.4% to $84,737 as a rally sparked by SpaceX earnings helped reignite enthusiasm for riskier assets. Key numbers: Bitcoin up as much as 2.4% to $84,737. Open interest in perpetual futures has been rising again after weeks of deleveraging, per Coinglass data. Why it matters: The uptick was partly driven by a rebuilding of leverage via perpetual futures, even as questions lingered over the sustainability of the artificial intelligence boom.

Bitcoin rose as much as 2.4% to $84,737 as a rally sparked by SpaceX earnings helped reignite enthusiasm for riskier assets.

The uptick was partly driven by a rebuilding of leverage via perpetual futures, even as questions lingered over the sustainability of the artificial intelligence boom.