Key facts
- Bitcoin reached an intraday high of $72,408 on Thursday, trading near $71,423.
- This marks the highest price for Bitcoin since a flash crash on June 2.
- Over $3 billion in short positions were liquidated across crypto in the past 24 hours.
- The U.S. Treasury announced it will increase its long-bond buybacks from $2 billion to $4 billion per operation.
- President Trump met with crypto executives from Coinbase, Ripple, and Robinhood.
- Spot Bitcoin ETFs saw $517 million in net inflows on Wednesday.
Bitcoin reached an intraday high of $72,408 on Thursday, its highest level since June 2, as a surge in buying pressure triggered a massive liquidation of short positions. Over $3 billion in short positions were liquidated across crypto in the past 24 hours, with over 190,000 traders affected. The rally, which has added nearly 15% since Monday, follows the U.S. Treasury's announcement to increase its long-bond buybacks, a move analysts have dubbed 'QE Lite' for its potential to loosen financial conditions.
President Trump met with crypto executives from major firms including Coinbase, Ripple, and Robinhood at the White House on Wednesday. The meeting occurred hours after the Treasury's announcement and ahead of the release of the Federal Reserve's July meeting minutes. The price action represents a significant test of Bitcoin's 'death cross' pattern, where the 50-day EMA falls below the 200-day EMA, a signal that has held since November 2025.
Spot Bitcoin ETFs saw their largest single-day net inflows since May on Wednesday, adding $517 million. Blockchain analytics firm Glassnode described the recent price move as Bitcoin's largest upside shock since October 2023 relative to its recent volatility.