Bitcoin Just Did What No One Expected And $2.74B in Shorts Got Crushed
- Bitcoin gains as Treasury buybacks ease yields and trigger fresh BTC short liquidations.
- Altcoins rally broadly as HYPE gains support from fresh US regulatory policy optimism.
- Fed minutes keep rate risks in focus while stronger ETF inflows support crypto demand.
Bitcoin price briefly hit $70,000 on Wednesday as larger US Treasury bond buybacks eased pressure in the government debt market. The rally also triggered heavy short liquidations and lifted crypto prices, with Ethereum and several major altcoins posting sharp gains.
BTC rose more than 8% from the previous day and reached its strongest level since mid-June. The breakout followed about 81 days of range-bound trading, which had allowed leveraged positions to build across the derivatives market.
According to CoinGlass, around $2.74 bilโฆ
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