Bitcoin Reclaims $74k Amid ETF Frenzy and Short Squeeze
Bitcoin's price surge has reclaimed $74,000 for the first time in 86 days, fueled by heavy institutional activity and ETF trading volume. U.S. spot Bitcoin ETFs logged over $5.3 billion in trading volume, with BlackRock's IBIT accounting for $4.44 billion.
Bitcoin saw a significant price jump of roughly 17% in two days, adding around $11,000 to its value and more than $220 billion to its market capitalization. The rally also triggered a major short squeeze, with over $3.6 billion in short positions liquidated in the past 72 hours.
Bloomberg's Mike McGlone remains bearish on Bitcoin's rally, warning that it could fade amid volatility and stock correlation risks. He believes that August can produce short squeezes even during a broader bear market.