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$BTC surged to around 87,000, then retreated back to about 85,600 on OKX spot during the midday session. This move looks more like a short-term short squeeze pushing the price up: the past day saw a high proportion of short liquidations, and the price pulled back a bit from the intraday high. Institutional side net bought about $180 million BTC this week in listed companies, but spot ETF weekly net inflows are actually quite thin — the Friday patch-up doesn't mean continuous accumulation.