Bitcoin’s Run Toward $80K Fuels Millions in Liquidations and Marks Its Best Week Since 2023
TL;DR:
- Bitcoin climbed to $79,400 and has gained nearly 24% on the week, its best weekly performance since March 2023.
- $3.3 billion in derivatives positions were liquidated on Wednesday and another $1.25 billion in the last 24 hours, according to CoinGlass.
- Spot BTC ETFs in the U.S. recorded net inflows of $606 million on Thursday, the largest single-day flow since May 1.
Bitcoin reached $79,400 this Friday and is trading above $76,800, up 7% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has accumulated nearly 24% in gains since Monday and is on track for its best week since March 2023, driven by the U.S. Treasury’s announcement of a bond buyback plan designed to reduce long-term yields.
The Treasury’s Bond Buyback Plan
Bitcoin’s surge pulled the rest of the market along with it. XRP rose 19% and led among large-cap assets, with 24-hour volume jumping 139%. ENA gained 42% in that period and is up 56% on the week after announcing a $1 billion institutional credit line with FalconX. ZEC climbed 12.5% and LINK 32% on the week. The Altcoin Season index fell from 36 to 33, reflecting BTC’s dominance advancing to 59.9%.
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