Bitcoin Breaks $75,000 as Short Squeeze Fuels Rally

Bitcoin climbed as high as US$75,528 (AU$106,494) in the 24 hours to early Friday and traded at US$74,926 (AU$105,646) at 04:37 UTC, an 8.19% gain over 24 hours, after running up from a 24-hour low of US$69,321 (AU$97,742).

CoinGecko put the seven-day gain at 18.36% and market capitalisation at about US$1.504 trillion (AU$2.12 trillion), on 24-hour volume of about US$57.93 billion (AU$81.68 billion). Bitcoin sits 40.57% below its record of US$126,080 (AU$177,773), set on 6 October 2025. 

The whole crypto market was worth about US$2.532 trillion (AU$3.57 trillion), up 3.62% over 24 hours, with Bitcoin accounting for 59.12% of it. Bitcoin’s slide earlier this year drove the biggest short-term holder losses since February.

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ETF Money Goes Up, Slightly

US spot Bitcoin ETFs took a net US$517.19 million (AU$729.24 million) on 19 August, on US$6.89 billion (AU$9.71 billion) of value traded, lifting their net assets to US$84.31 billion (AU$118.88 billion) and cumulative net inflows since launch to about US$52.79 billion (AU$74.43 billion), according to SoSoValue. 

The three sessions before that ran the other way, with net outflows of US$61.16 million (AU$86.24 million) on 12 August, US$131.13 million (AU$184.89 million) on 13 August and US$57.63 million (AU$81.26 million) on 14 August. SoSoValue had not yet published Thursday’s figures.

In May, Bitcoin fell near US$76,700 (AU$108,147) as spot ETFs posted US$648.6 million (AU$914.53 million) in one-day outflows, and that the funds have managed back-to-back weekly inflows only once in five months.

CoinGlass put short liquidations across crypto at US$2.7 billion (AU$3.81 billion) in the 24 hours to Wednesday, the largest in its records going back to 2021, with about US$1 billion (AU$1.41 billion) of Bitcoin shorts closed in roughly an hour. 

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