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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/21/2026

Bitcoin Surges Past $79,000 as ETF Inflows Hit $606M, Shorts Liquidated

What happened: Bitcoin soared to an intraday high of $79,241 on August 21, its highest level since June, before settling near $77,866.

Bitcoin Surges Past $79,000 as ETF Inflows Hit $606M, Shorts Liquidated

What happened: Bitcoin soared to an intraday high of $79,241 on August 21, its highest level since June, before settling near $77,866. The rally was fueled by a record $606 million in spot BTC ETF inflows on August 20 and a two-day short squeeze that wiped out over $4 billion in short positions across major exchanges. The move followed the US Treasury's announcement to double long-bond buybacks and a White House summit where President Trump expressed interest in the US acquiring Bitcoin for reserves.

Why it matters: The surge marks a decisive breakout from a month-long trading range and underscores the growing influence of institutional flows, with spot BTC ETF assets now totaling $84.3 billion. However, analysts caution that much of the move was mechanical, driven by forced liquidations rather than new spot demand, raising the risk of volatility as positioning normalizes.

Source: CoinPaprika, CoinDesk, Decrypt