Bitcoin Surpasses $70,000 for the First Time Since June

On August 20, Bitcoin experienced a sharp rally, reaching approximately $69,528, which is an 8.8% increase within 24 hours. The cryptocurrency briefly touched the $70,000 mark, marking its first time above this level since June. The rally was fueled by a significant short squeeze, with approximately $2.7 billion in liquidations of bearish positions over the day. Additionally, institutional interest appeared to strengthen, as spot ETF inflows showed around $517 million into Bitcoin ETFs and $189 million into Ethereum ETFs on August 19. These inflows suggest growing institutional demand, contributing to the momentum of the current rally.