Bitcoin nears $72,000 as two-day crypto short liquidations top $3.1 billion

Bitcoin traded around $71,730 at press time, up 11.43% over 24 hours and nearing $72,000 after a broad crypto rally triggered more than $3.1 billion in short liquidations over two days, including $3.07 billion from shorts in the latest 24-hour CoinGlass snapshot. The advance included a 7.1% gain on Aug. 19, the token's biggest daily rise since February 2026, and pushed BTC back above the short-term holder cost basis, estimated around $67,100, prompting heavy profit-taking from newer investors. On-chain data cited by analyst Darkfost showed more than 44,300 BTC moving from short-term holders to exchanges, the largest such profit-taking flow of 2026, while earlier readings placed the figure near 43,300 BTC and showed their SOPR rising to 1.01. Traders linked the move to improving risk appetite after Treasury Secretary Bessent said the United States would expand long-dated debt buybacks, while policy attention also intensified after President Donald Trump told a White House crypto meeting that the U.S. was considering buying a sizeable amount of BTC, urged Congress to pass the CLARITY Act and said he wanted Hyperliquid in the U.S. Whether Bitcoin can hold above the short-term holder cost basis as squeeze-driven buying fades and profit-taking builds remains a key near-term test.