Bitcoin hits highest price since June as $2.85B in shorts liquidated
In brief
- Bitcoin reached $72,408 intraday Thursday, highest since June 2
- Short liquidations hit $2.85 billion in 24 hours, largest on record
- Rally added 15% since Monday, sharpest move since October 2023
- Spot Bitcoin ETFs recorded $517 million net inflows Wednesday, largest day since May
The Squeeze Accelerates
Bitcoin's rally, now in its second day, has added close to 15% since Monday. That climb arrived after nine months of relentless bearish pressure. The coin's death cross formed on November 16, 2025, six weeks after Bitcoin's record high near $126,198, and has held ever since—until this week's reversal.
Blockchain analytics firm Glassnode measured just how sharp the move was, calling it "its largest upside shock since October 2023" relative to recent volatility. The speed matters. Traders caught flat-footed by the rally faced cascading liquidations.
Macro Tailwinds and Market Momentum
The catalyst arrived Wednesday. The U.S. Treasury announced it would at least double its long-bond buybacks—purchases of the government's own debt—from $2 billion to $4 billion per operation on 10-to-30-year securities starting September 9. That signal of reduced long-end supply pressure rippled across risk assets, including crypto.
The announcement landed hours before a White House meeting where President Trump sat down with crypto executives from Coinbase, Ripple, and Robinhood. Sentiment shifted fast. On Myriad, the prediction market, traders betting on Bitcoin's next move had leaned 70% toward a dump to $55,000 a day before Wednesday, but odds collapsed to almost 50-50 by Wednesday afternoon.
Spot Inflows and Spillover
Spot Bitcoin ETFs added $517 million in net inflows Wednesday, their largest single-day haul since May. The capital rotation signaled institutional confidence in the bounce.
Crypto-linked stocks caught the same updraft, with Strategy jumping nearly 12% and Coinbase climbing 9% this week. The move above $72,000 stands as the first real test of the nine-month downtrend. Whether Bitcoin holds this level or retreats remains the key technical question—but the short-squeeze violence has already rewritten the narrative.
