Bitcoin reached $79,000 in early September, a gain of over 23% from the $63,764 price on August 3 when Jim Cramer sold his entire position over quantum computing fears. The rally was driven by two concrete factors: the US Treasury doubled its long-term bond buyback program to $4 billion per operation starting September 9, and spot Bitcoin ETFs recorded $606 million in inflows on August 20, with BlackRock’s IBIT alone accounting for over $500 million. This triggered a massive short squeeze with over $3 billion in short positions liquidated and 24-hour trading volume exceeding $50 billion. Bitcoin nevertheless remains 38% below its all-time high of $126,173 set in October 2025.
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