Bitcoin has reclaimed the $63,000 level, with around $108 million worth of short positions liquidated across the cryptocurrency market. As crude oil prices retreated from two-week highs, Dan Alamariu of Alpine Macro noted that the global economy has largely adapted to Middle Eastern energy supply disruptions, easing concerns over persistent inflation. Despite the market rally, sluggish growth in open interest in derivatives and a resumption of outflows from Bitcoin ETFs suggest that institutional conviction in the recovery remains weak.