As the U.S. Treasury's Aug. 19 announcement to at least double the amount of long-term government bond buybacks spurred a crypto rally due to liquidity hopes, Bitcoin short sellers were force
As the U.S. Treasury's Aug. 19 announcement to at least double the amount of long-term government bond buybacks spurred a crypto rally due to liquidity hopes, Bitcoin short sellers were forced to liquidate their positions at a loss.
The subsequent short squeeze led to a market rally in the coming days, and Bitcoin, which was trading around $65,000 before the Treasury announcement, approached $80,000 on Aug. 24.
Related: Jim Cramer recommends buying Bitcoin
Last week, the U.S. spot exchange-traded funds (ETFs) linked to Bitcoin posted the strongest week in 10 months, as per the onchain analytics platform SoSoValue.
U.S.-listed spot Bitcoin ETFs drew $1.92 billion in inflows from Aug. 17–21, 2026—their strongest week in nearly 10 months. The previous high came Oct. 6–10, 2025, with $2.71 billion in inflows.
U.S. Spot Bitcoin ETFs, Source: SoSoValue Note that Bitcoin hit the all-time high (ATH) of $126,080 on Oct. 6 last year. But it crashed a few days later on Oct. 10 when President Donald Trump suddenly threatened higher tariffs against China.
The subsequent week, Oct. 13–17, 2025, saw the Bitcoin ETF inflows sharply declining to $1.23 billion.
As reported earlier, Standard Chartered analyst Geoff Kendrick said last week that the $100,000 price target for Bitcoin could be "too low" after the Treasury announcement, which the analyst said is "exactly the type of thing Bitcoin loves.”
As per Kendrick, Bitcoin has a historical tendency to benefit from government liquidity interventions and its fixed supply, making it resistant to monetary debasement.
He also added that Bitcoin may retest its ATH of $126,000 before the end of the year, with the rebound potentially hastening after Oct. 6.
BTC/USD, Source: DecibelBitcoin hit as high as $79,954.66 today. As per Decibel, BTC was trading at $78,765 at the time of writing, up 1.8% in the last 24 hours.
Related: Standard Chartered revisits Bitcoin price target amid 20% rally
