Bitcoin Surges 23% to $77.6K Amid Record Short Squeeze and ETF Inflows

Bitcoin surged 20.63% over the past seven days to $77,446, with prices trading between $70,000 and $79,000 during the week.

The rally was driven by record Bitcoin ETF inflows of $606 million in a single day and an epic short squeeze that liquidated $2.7 billion in short positions within 24 hours, the largest single-day wipeout since October 2022.

Ethereum outperformed with a 29.59% weekly gain to $2,454, breaking above the $2,300 resistance level.

The U.S. Treasury's bond buyback program suppressed long-term rates, channeling capital into hard assets like cryptocurrencies.