Bitcoin Soars 24% as Washington Sends Pro-Crypto Signals
Bitcoin saw its strongest weekly performance in recent years, rising over 24% to break above $78,000. This surge was fueled by a series of pro-crypto signals from Washington and forced liquidations of short positions.
The largest short squeeze on CoinGlass since records began in 2021 occurred when approximately $2.74 billion in crypto short positions were liquidated within 24 hours. Bitcoin's price peaked near $79,500 before closing the weekly candle above $77,000.
The U.S. Department of the Treasury announced it would double the size of liquidity support repurchase operations for long-term Treasuries, effective September 9. This move helped lower long-term U.S. Treasury yields from near 19-year highs and improved expectations for liquidity in risk assets.
According to CoinGlass data, Bitcoin short liquidations totaled approximately $1.4-1.7 billion, while Ethereum reached about $1.13 billion. The largest single liquidation was a $48.8 million Bitcoin short position on Hyperliquid.