Bitcoin briefly crossed $70,000 for the first time since June 2, driven by short liquidations totaling $2.74 billion over 24 hours, with 172,202 traders wiped out and Bitcoin accounting for $1.42 billion of those losses. The rally was sparked by policy signals from Washington, including the Treasury’s decision to double long-end debt buybacks to at least $4 billion and President Trump’s suggestion that a government Bitcoin purchase has been discussed. CryptoQuant flagged that 30-day apparent spot demand has recovered from negative 206,000 BTC on July 23 to roughly negative 5,000, approaching positive territory for the first time since late February, historically associated with an 18.1% median return over 60 days with a 78% success rate. Glassnode noted that while Bitcoin trades above the short-term holder cost basis of $68,500, the true market mean sits higher at $75,800 and the realized profit/loss ratio at 0.75 remains well below the 2 threshold, suggesting this move should be treated as a local rally rather than a regime change.
Source: Read the original article
