Bitcoin surged past $75,000 on Thursday, marking its highest level in over three months as a confluence of institutional inflows, macro tailwinds, and leveraged short positions getting wiped out sent the largest cryptocurrency on its sharpest rally of 2026.
The price climbed from around $64,000 to briefly touch $75,214 during Asian trading hours, according to data from KuCoin and CoinStats. The move represented an 8 percent gain in 24 hours and extended the weekly advance to more than 9 percent, with trading volume surging above $56 billion.
ETF Inflows Hit Three-Month High
The rally was underpinned by renewed demand through U.S. spot Bitcoin exchange-traded funds. On August 19, the funds absorbed approximately $517 million in net inflows, the highest single-day total in more than three months and the third consecutive day of positive flows. BlackRock’s iShares Bitcoin Trust led the buying, according to KuCoin’s daily market report.
The inflow surge marked a sharp reversal from the prior week, when spot ETFs saw $385 million in cumulative outflows. The whiplash suggests institutional investors are re-entering positions after a period of risk reduction driven by elevated Treasury yields and geopolitical uncertainty.
Short Squeeze Amplifies the Move
The speed of the advance was amplified by a cascade of forced liquidations. Approximately $210 million in short positions were liquidated over 24 hours, representing 95.5 percent of all crypto liquidations during the session, according to CoinStats data. Open interest in Bitcoin derivatives rose 7.3 percent to $51.36 billion as traders rebuilt positions.
The Crypto Fear and Greed Index jumped to 72 from 47 just a week earlier, moving the sentiment gauge firmly out of fear territory and into neutral-to-greed readings for the first time since June.
Treasury Buybacks and Dollar Weakness Add Fuel
The rally also coincided with a broader shift in U.S. macro conditions. The Treasury Department announced it would expand its long-term bond buyback operations to at least $4 billion per transaction, a move that initially drove yields lower and weakened the dollar. The 10-year Treasury yield later rebounded to around 4.70 percent, but Bitcoin continued climbing even as yields rose, suggesting the crypto-specific demand drivers were overpowering the traditional rate sensitivity.
The U.S. dollar index weakened against major currencies throughout the Asian session, adding a tailwind for dollar-denominated assets like Bitcoin.
Ethereum rose roughly 4 percent to $2,327, while Solana gained more than 6 percent, though the rally showed clear Bitcoin dominance with capital concentrating in the largest asset. Analysts at KuCoin noted that the divergence between BTC and altcoin performance suggests the move is being driven by institutional flows rather than broad retail speculation.
Bitcoin now faces resistance in the $74,000 to $75,000 zone, with support expected around $70,000 to $71,000. A sustained close above the $73,000 level would mark the strongest technical position since May, when Bitcoin briefly touched $80,000 before retreating.
Sources: KuCoin daily market report; CoinStats; CoinPaper; investingLive
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