Bitcoin surged from around $64,000 through $70,000 to about $72,207, its highest level since early June, supported by three straight days of U.S. spot Bitcoin ETF buying, short liquidations, Treasury buyback plans and political momentum for the Clarity Act. CryptoQuant CEO Ki Young Ju linked the move partly to OG whales opening large long positions below $63,000 and said spot and perpetual-futures demand had turned positive for the first time since October 2025, although the shift remained modest. CryptoQuant analyst Darkfost said Bitcoin is now attempting to reclaim its active supply cost basis, a realized-price measure of about $70,400 that excludes coins dormant for more than seven years. Holding above that level could indicate a longer-term uptrend rather than another roughly two-month breakout. Traders are also watching resistance near $73,000-$75,000, ETF flows, volume and the Federal Reserve’s September decision.