Crypto
Treasury Move and Institutional Demand Lift Bitcoin Price Above $75K
Bitcoin surged to over $78,589 on August 20 after US spot Bitcoin ETFs drew $606.29 million, providing institutional support.
The move was also fueled by a Treasury decision to expand buybacks for long-dated bonds, which traders interpreted as a liquidity signal and a weakening dollar pressure.
A short squeeze added momentum, with nearly $709 million in BTC shorts liquidated over 24 hours, forcing traders to buy back Bitcoin and accelerate price gains when liquidity is thin.