Block plans to revive the Bitcoin “faucet” model on April 6 through a new site, btc.day, as Jack Dorsey pushes another public effort tied to Bitcoin access and education. 

The site already shows a countdown timer, an orange faucet symbol, and the phrases “The Faucet is Back” and “Buy, Secure, Spend.”

Dorsey announced the move on Friday through an update tied to Bitcoin at Block. The company said the faucet will return through btc.day, though it has not yet shared the full rules for how users will claim free Bitcoin.

The website does not currently ask users to complete any task. It only shows a timer and basic branding linked to the old faucet idea. Block has also not said how much BTC it plans to distribute.

The faucet model dates back to 2010, when software developer Gavin Andresen used it to introduce people to Bitcoin. His original site gave users five BTC after they completed a captcha and entered a wallet address.

At that time, Bitcoin was new and had little public reach. Early builders used simple tools like faucets to help people test wallets, send coins, and learn how the network worked. The model later became part of Bitcoin’s early history.

In addition, the new rollout appears to borrow from that original approach. By bringing back the faucet concept, Block is linking a modern campaign to one of Bitcoin’s best-known early distribution methods.

The company has not confirmed whether the new version will use captchas, wallet checks, or any other participation step. It also has not said whether the giveaway will be open globally or limited to specific users or regions.

Community watches for more details

Crypto users have started discussing the relaunch across social platforms. Some described the move as a way to keep Bitcoin more accessible, while others pointed to the larger number of wallet users today compared with 2010.

The market is now waiting for details on the size, timing, and structure of the giveaway. Block held 8,883 BTC as of its accumulation record dating back to October 2020, but neither Dorsey nor the company has said how much of that Bitcoin, if any, will be used for the faucet.

Key takeaways:

• Bitcoin hitting $72,000 would liquidate $2.5 billion in shorts, potentially crushing bears who are overleveraged.

• Iran’s war and high oil prices currently pressure BTC, but a ceasefire or ETF inflows could spark a rapid recovery.

$2.5 billion in shorts at risk if BTC hits $72,000

Bitcoin (BTC) has consistently failed to hit new highs since attempting to reclaim the $75,000 level since March 17.

Bearish Bitcoin futures bets have been piling up as the war in Iran pushed oil prices to their highest levels since June 2022. However, two events could propel Bitcoin to $72,000 in the coming weeks and help cement a sustainable bull run.

According to Coinglass estimates, a total of $2.5 billion in short positions on Bitcoin futures will be liquidated if Bitcoin rises just 7.5% to $72,000 from the current $67,100 level.

BTC bears benefit from miners’ sales, weak S&P 500

Bears have been adding shorts since March 25, when Iran reportedly refused to negotiate a ceasefire. Additional selling pressure emerged as MARA Holdings (MARA US) announced it sold 15,133 BTC on March 26. The publicly listed Bitcoin miner shifted its focus to AI computing and chose to reduce its Bitcoin holdings to pay down debt.

After peaking near 7,000 points on Jan. 28, the S&P 500 dropped 10% by March 30. Investors fear recession risks because central banks have less room to cut interest rates due to inflation.

Oil prices have jumped over 70% since the war in Iran started in late February, which hikes logistics costs and cuts into consumer spending.

Traders are pricing in 89% odds that the Fed will keep interest rates steady through September, with 5% odds of a hike to 4%.

In early March, bond futures showed the opposite, with 79% odds of rate cuts. Returns on fixed-income investments will likely stay attractive for longer.

Meanwhile, confidence among Bitcoin bears has increased, as reflected by the negative funding rate in perpetual futures contracts.

In neutral market conditions, longs usually pay to keep positions open, causing this indicator to range between 5% and 10% to compensate for capital costs.

Negative funding rates signal a lack of demand for bullish leveraged bets and potential overconfidence from the bears.

Ceasefire or economic weakness may boost Bitcoin

While it is impossible to predict the outcome of the war involving Iran, a ceasefire agreement could spark bullish sentiment and catch bears by surprise.

Bitcoin jumped from $69,150 to $74,900 during the five days ending March 16 after US-listed Bitcoin exchange-traded funds saw $1.5 billion in net inflows over two weeks. If ETF inflows resume, Bitcoin could also reclaim the $72,000 level.

Related: Bitcoin ETFs ‘will be larger’ than gold ETFs–Analyst

US President Donald Trump has asked Congress to boost defense spending to $1.5 trillion, according to a 2027 budget proposal released Friday. These plans include a 10% cut in other areas to offset military expenses.

Trump reportedly said at a private White House event on Wednesday: “We’re fighting wars. We can’t take care of day care,” according to CNBC.

If the US economy loses steam, or if private credit redemptions continue to pressure the market, investors will likely look for alternative hedges.

Consequently, Bitcoin’s appeal would grow as the it presently trades 47% below its all-time high. Thus, a bull run to $72,000 might happen regardless of how long the war in Iran lasts.