Bitcoin Blasts Past $77k Amid Record ETF Investment and Shorts Slaughter

The price of Bitcoin surged 23% over the week, reaching as high as $79,319 and trading above $77,542. This marks its best performance since 2023, according to CNBC analysts.

The increase in value was triggered by the Treasury Department's announcement to at least double the size of its long-dated bond buybacks on Wednesday. This move sent yields lower, making non-yielding assets like Bitcoin more attractive to investors.

Data from Coinglass shows that over $1 billion in shorts positions were closed, with Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, stating that Thursday was the largest liquidation of Bitcoin shorts ever when $1.1 billion in bets were closed.

The investment into exchange-traded funds (ETFs) also reached a record high this week, with over $1.6 billion poured in, including $606.3 million on Thursday.