$4 Billion Gone in 48 Hours: The Crypto Short Squeeze That Shocked the Market

TLDR

• Bitcoin climbed to nearly $75,000, up 8% on the day and 18% on the week, after short sellers were forced out of their positions
• Over $4 billion in short positions were liquidated across two days, the largest event of this kind since 2021
• The U.S. Treasury doubled its bond buyback operations from $2 billion to $4 billion per session, easing conditions for risk assets
• Ethereum surged 18% in a single day, outperforming Bitcoin, while Solana, Dogecoin, and others posted double-digit weekly gains
• President Trump urged Congress to advance the Digital Asset Market Clarity Act at a White House event with top crypto executives

Bitcoin and several major cryptocurrencies rallied sharply this week after a wave of forced selling wiped out more than $4 billion in short positions over two days, pushing prices to multi-week highs.

Bitcoin rose to just under $75,000 during Asian trading on Friday, up about 8% on the day and nearly 18% over the week. Just two days earlier, it was trading near $64,100.

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