Why Did Bitcoin Rise From Last Week?
Bitcoin made a major move higher this week. On August 16, $BTC closed around $62,884, while by August 21 it had reached about $78,334—an increase of roughly 24.6% in just five days.
#btc70k
The rally was driven by strong Bitcoin ETF inflows, improving liquidity after the U.S. Treasury announced expanded bond buybacks, and renewed institutional buying. U.S. spot Bitcoin ETFs recorded about $517 million in net inflows on August 19, their strongest daily inflow in more than three months.
A powerful short squeeze also accelerated the move, forcing many bearish traders to close their positions and creating additional buying pressure. More than $3 billion in crypto short positions were liquidated during the rally.
In short: BTC rose from around $62.9K last Sunday to above $78K this week, supported by ETF demand, better liquidity, institutional buying, and short covering.
Bitcoin made a major move higher this week. On August 16, $BTC closed around $62,884, while by August 21 it had reached about $78,334—an increase of roughly 24.6% in just five days.
#btc70k
The rally was driven by strong Bitcoin ETF inflows, improving liquidity after the U.S. Treasury announced expanded bond buybacks, and renewed institutional buying. U.S. spot Bitcoin ETFs recorded about $517 million in net inflows on August 19, their strongest daily inflow in more than three months.
A powerful short squeeze also accelerated the move, forcing many bearish traders to close their positions and creating additional buying pressure. More than $3 billion in crypto short positions were liquidated during the rally.
In short: BTC rose from around $62.9K last Sunday to above $78K this week, supported by ETF demand, better liquidity, institutional buying, and short covering.
