Bitcoin has been up in the last 24 hours, approaching $73,000, almost two months. This round was first amplified by large-scale empty headbacks and then the market shifted its focus to a more realistic issue: Whether or not the spot purchaser and ETF funds can be connected determines whether this breakthrough will continue.

Zooming in.

According to multiple analysts, this round is not just emotional. Bitcoin had previously broken through resistance in the vicinity of $65,000 to $67,000, and the market liquidity environment had improved over the previous period. On this basis, the concentration of empty space has further accelerated the upswing in prices.

The CoinGlass data show that after the price of the bitcoin broke by $700,000, more than $1 billion of the bitcoin silos were liquidated in about an hour. Zooming in to the entire encryption market, the bulk of the liquidation was approximately $2.7 billion within 24 hours, or about 92 per cent of the total. Passive buy-in drives prices up, creating a chain reaction.

  • Bitcoin, 24 hours up by about 11%.
  • At one point, the price touched between $7.28 and $73,000.
  • The whole market settles about $2.7 billion.

According to analysts, the current hold data does not show that the new high leverage is the only pusher, which means that the acceleration of the current round is largely due to a backlash rather than simply relying on new leverage.

ETF funding flows are the focus of next steps

As the impact of forced silos gradually subsided, the market then focused more on the adequacy of spot demand. According to the data, United States spot bitcoin ETF recorded a net inflow of about $517 million on August 19, the strongest single-day performance since May. This was seen as an early signal of renewed institutional funding.

However, analysts have also cautioned that large single-day inflows are not sufficient to demonstrate a continuing trend in institutional demand. If the inflows continue in the following days or weeks, it will help Bitcoin to build support above $70 million. If the purchase drive weakens, the price falls back to between $6.97 million and $6.9 million, or it may be just a routine retrogression.

Some researchers mention that bitcoin is now back on the 20-week, 200-day, and short-term holders' cost lines, suggesting that many recent buyers have returned to floating. However, short-line kinetic energy has increased significantly, and leverage is increasing, with the risk of greater market volatility.

The fall in the rate of return on the United States debt provides support.

In addition to factors internal to the encrypted market, the fall in the rate of return on long-term United States sovereign debt also supports risky assets. The United States Department of the Treasury announced that the single purchase cap for long-term liquidity support buy-back operations would be increased from $2 billion to at least $4 billion, covering national debt with a maturity of more than 10 years.

After the news was released, the 30-year United States national debt return fell from a high of 5.34 per cent to about 5.19 per cent. Declining rates of return usually weaken the attractiveness of low-risk bonds and increase the willingness of some investors to allocate highly volatile assets such as special currencies.

According to some analysts, this arrangement is closer to a liquidity management tool than to quantitative easing. It may not be sufficient in itself to change the direction of the market in the long term, but it releases signals at the policy level of willingness to stabilize long-term liquidity. If long-term interest rates continue to be controlled, risk assets may continue to benefit; if inflation or fiscal pressure rises again, the rate of return may still rebound.

U.S. policy progress brings additional premiums

The market is also assessing the impact of the United States encryption policy. It was mentioned that in a recent meeting with the executives of various encrypted enterprises, Trump urged Congress to promote a “fair version” of the Digital Asset Market Clarity Bill. The bill proposes to clarify federal market rules and to delineate the regulatory responsibilities of the United States SEC and the Commodity Futures Trading Commission.

According to analysts, the White House's desire to show policy progress in lower financing costs, stronger financial market performance and high-growth industries before the mid-term elections has given more political significance to encryption legislation. At the same time, the United States Securities Commission is moving forward with a proposal for a new framework for a digital asset investment contract, further increasing its focus at the policy level.

On the whole, bitcoin starts with empty liquidations, but the ability to transform a breakthrough into a more stable upper zone will depend on the continued inflow of ETF funds, as well as the continued alignment of the United States debt rate with the United States policy environment.