Bitcoin surged above $79,000 on Friday, driven by renewed institutional buying, favorable macro conditions and a friendlier regulatory outlook in Washington. U.S. spot Bitcoin ETFs attracted more than $1 billion over two days, with approximately $517 million on August 19 and $606 million on August 20. Roughly $4 billion in short positions were liquidated over two to three days, including approximately $2.75 billion in Bitcoin shorts alone during the initial squeeze. The U.S. Treasury’s expanded long-dated buyback plan weakened the dollar and revived the debasement trade, while the Trump administration pushed for crypto market-structure legislation. Julio Moreno of CoinShares noted that similar periods of demand growth have historically been followed by a median 23% Bitcoin gain over the next two months.
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