Bitcoin finally traded just a few dollars under $55,000 for the first time in nearly 15 months.

The world’s largest cryptocurrency changed at around $54,900 — a gain of nearly 6% in one day — just after 3:00 p.m. Eastern Time Monday before dropping to $54,600 the following hour, according to The Block's Price Page. That’s the highest it has been since late November 2022, when Sam Bankman-Fried was still a free man.

The move is interesting given the recent downtrend in bitcoin spot volumes. Rebecca Stevens, senior research analyst at The Block, noted that bitcoin’s spot volume’s 7-day moving average has been slipping since February 15, just as ether’s spot volumes began to rise.

Over in the futures market, short open interest of hedge funds on the CME are at all-time highs, somewhere …