Crypto markets saw large-scale liquidations of long positions totaling $477M over the past hour. After a near +30% rally over five trading days that lifted Bitcoin to $79,500, the price reversed sharply and retreated to around $77,000. The pullback drove total crypto liquidations to $547M, with Bitcoin-linked contracts accounting for the bulk. Bitcoin had been at its most overbought level since November 2024 before the reversal.

BTC rose 6.60% to USD 74,492 as USD 59.46B in turnover met USD 402.66M of BTC short liquidations and a broad market rebound.

Bitcoin surged quickly past the $72,000 level. The move was driven mainly by a U.S. Treasury bond plan that improved expectations for market liquidity and lifted demand for risk assets. A wave of short covering followed, creating a short squeeze that amplified bitcoin’s near-term gains.

Major cryptocurrencies rose sharply after the U.S. Federal Reserve intervened on Wednesday. XRP surged 20% in less than two days, marking a strong breakout. Bitcoin gained 12% over the same period and extended the move into Thursday, with a major breakout on the 4-hour chart. Bitcoin is now facing resistance at $65,600 and needs to clear $73,750 next.

BTC rose 7.70% to USD 69,003 as a USD 1.33B short squeeze and Treasury buyback reports lifted risk appetite.

On August 20, crypto markets jumped sharply, led by Bitcoin rising above $69,000 for the first time since June. Bitcoin gained nearly 8% in 24 hours and briefly neared $70,000. Ethereum surged 18% to above $2,250, while XRP and Solana each rose more than 10%. Total crypto market capitalization climbed 7.8% over 24 hours to $2.45 trillion, according to CoinGecko data.

The US Treasury said it will double the per-operation cap of its long-term bond buyback program from $2 billion to at least $4 billion, targeting 10- to 20-year and 20- to 30-year Treasuries from September 9 through November 4. After the announcement, the 10-year yield fell 6 bps to 4.647% and the 30-year yield slid 9 bps to 5.196%. Bitcoin then surged from around $65,400 to $69,700, gaining more than $2,000 in a single minute intraday. Crypto derivatives also swung sharply, with total liquidations reaching $1.59 billion over 24 hours, including $746 million in Bitcoin short liquidations.

U.S. spot Solana ETFs posted $1.58 million in daily net inflows on Aug. 18, bringing cumulative net inflows to $1.16 billion and total net assets to $923.57 million. The products logged $30.13 million in total value traded for the day. Analysts are also turning more bullish on SOL, with attention on whether it can break above the $100 level. Some projections cited potential targets of $295 and even $400.