{"id":556674,"date":"2026-08-20T13:15:07","date_gmt":"2026-08-20T12:15:07","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=556674"},"modified":"2026-08-20T13:07:06","modified_gmt":"2026-08-20T12:07:06","slug":"bitcoin-blasts-past-72000-as-trump-treasury-buybacks-wipe-out-3-1b-in-shorts","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-blasts-past-72000-as-trump-treasury-buybacks-wipe-out-3-1b-in-shorts\/","title":{"rendered":"Bitcoin blasts past $72,000 as Trump, Treasury buybacks wipe out $3.1B in shorts"},"content":{"rendered":"

Bitcoin<\/a> surged above $70,000 for the first time since June as falling Treasury yields and Washington\u2019s crypto push crushed bearish bets.<\/p>\n

Data<\/a> from CryptoSlate<\/em> shows that BTC extended its breakout above $72,000 on Thursday, taking its gain since Monday to roughly 15%. It has climbed to $72,207 as of press time.<\/p>\n

Blockchain analysis firm Glassnode<\/a> said the daily move amounted to a 5.8-standard-deviation gain relative to Bitcoin\u2019s 30-day volatility, its largest upside shock since October 2023.<\/p>\n

\"Bitcoin
Chart showing Bitcoin's period-over-period returns from Nov. 12, 2025, to Aug. 20, 2026 (Source: Glassnode)<\/figcaption><\/figure>\n

The advance followed the US Treasury\u2019s decision to double planned buybacks of long-dated government debt and President Donald Trump\u2019s renewed push for crypto legislation at a White House meeting with industry executives.<\/a><\/p>\n

Treasury lit the fuse before Trump added fuel<\/h2>\n

The Bitcoin rally began in the bond market on Aug. 19 when the Treasury Department said it would raise the maximum size of liquidity-support buybacks for 10- to 30-year securities to at least $4 billion per operation from $2 billion, starting Sept. 9.<\/p>\n

The move came after the 30-year Treasury yield reached 5.34%, its highest since 2007.<\/p>\n

Following the announcement, Treasury yields fell<\/a>, easing one of the pressures that had weighed on risk assets as investors confronted rising US borrowing costs. CryptoSlate<\/em> reported that Bitcoin began breaking through a trading range<\/a> that had capped it near $67,000 for much of the summer.<\/p>\n

Trump then gave the rally another catalyst.<\/p>\n

Speaking alongside executives including Coinbase CEO Brian Armstrong<\/a>, Ripple's Brad Garlinghouse<\/a>, and Kraken<\/a> co-CEO Arjun Sethi, Trump urged lawmakers to pass a \u201cfair version\u201d of the CLARITY Act<\/a>.<\/p>\n

This legislation is designed to establish which digital assets fall under securities or commodities rules and how oversight is divided among federal regulators.<\/p>\n

The bill stalled before the Senate\u2019s August recess, and a procedural vote is scheduled for Sept. 15. It will need 60 votes to advance.<\/p>\n

Armstrong echoed Trump's view on the legislation on X, saying<\/a>:<\/p>\n

“Today\u2019s message from POTUS was clear: This Administration is committed to passing the Clarity Act \u2014 answering voters\u2019 call for consistent rules for crypto. Regulators are aligned, Congress has set a date, and the entire industry is ready to get this across the finish line. 67M Americans own crypto, and they want this legislation. I\u2019m confident the Senate will listen.”<\/p><\/blockquote>\n

During the meeting, Trump also floated the possibility of expanding US government crypto holdings<\/a> when asked whether the administration could acquire substantial amounts of Bitcoin or other digital assets.<\/p>\n

\u201cWell, it\u2019s been talked about,\u201d Trump said, adding that he would rely on recommendations from SEC Chairman Paul Atkins,<\/a> CFTC Chairman Michael Selig and other officials.<\/p>\n

The remarks stopped short of announcing purchases.<\/p>\n

Trump\u2019s 2025 executive order created a Strategic Bitcoin Reserve<\/a> using government-held Bitcoin and directed officials to explore budget-neutral ways to acquire more. This means any large new buying program would still depend on how the administration proposes to finance it.<\/p>\n

Bitcoin short squeeze gives way to profit-taking risk<\/h2>\n

Once Bitcoin broke above its recent price range, the rally began feeding on itself.<\/p>\n

CoinGlass data<\/a> showed more than $3.1 billion of bearish crypto positions were liquidated over 24 hours, compared with about $277 million of longs.<\/p>\n

Bitcoin accounted for roughly $1.8 billion of those short liquidations, while Ethereum<\/a> traders lost nearly $1.2 billion. The largest single liquidation was a $48.8 million BTC position on Hyperliquid<\/a>.<\/p>\n

\"Crypto
Screengrab showing crypto market liquidation in the last 24 hours as of Aug. 20, 2026, 12:00 PM UTC (Source: CoinGlass)<\/figcaption><\/figure>\n

As prices rose, exchanges automatically closed increasingly unprofitable short positions, forcing traders to buy Bitcoin back and adding further upward pressure. The cascade helped turn the initial macro- and policy-driven advance into an unusually sharp breakout.<\/p>\n

The rally also created an incentive for existing holders to take profits.<\/p>\n

Bitcoin\u2019s move through $70,000 carried it above the roughly $67,100 average cost basis of short-term holders, according to CryptoQuant<\/a>. Those investors subsequently sent more than 44,300 BTC held at a profit to exchanges, the largest such profit-taking wave we've seen this year.<\/p>\n

\"Bitcoin
Chart showing Bitcoin's short-term holders' profit and loss sent to exchanges from April 20 to Aug. 20, 2026 (Source: CryptoQuant)<\/figcaption><\/figure>\n

Risk appetite has also returned quickly. The Crypto Fear & Greed Index climbed to its highest level since October 2025, when Bitcoin reached its latest cycle peak.<\/p>\n

That leaves the rally entering a different phase. Bitcoin has cleared its 200-day moving average near $69,000 and broken through $70,000, but the liquidation cascade has already removed much of the bearish leverage that helped propel the move.<\/p>\n

The next test is whether fresh spot demand can absorb profit-taking and keep Bitcoin advancing after the forced buying fades.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin surged above $70,000 for the first time since June as falling Treasury yields and Washington\u2019s crypto push crushed bearish bets. Data from CryptoSlate shows that BTC extended its breakout above $72,000 on Thursday, taking its gain since Monday to roughly 15%. It has climbed to $72,207 as of press time. Blockchain analysis firm Glassnode […]<\/p>\n","protected":false},"author":720,"featured_media":556711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77968,80621,77911,79312,15323,6849],"tags":[81073,79558,78579],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin blasts past $72,000 as $3.1B in shorts gets liquidated<\/title>\n<meta name=\"description\" content=\"Bitcoin surged above $72,000 as falling Treasury yields and Trump's crypto push helped trigger more than $3.1 billion in liquidations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-blasts-past-72000-as-trump-treasury-buybacks-wipe-out-3-1b-in-shorts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin blasts past $72,000 as Trump, Treasury buybacks wipe out $3.1B in shorts\" \/>\n<meta property=\"og:description\" content=\"Bitcoin surged above $72,000 as falling Treasury yields and Trump's crypto push helped trigger more than $3.1 billion in liquidations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-blasts-past-72000-as-trump-treasury-buybacks-wipe-out-3-1b-in-shorts\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-20T12:15:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-20T12:07:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/bitcoin-policy-breakout.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-blasts-past-72000-as-trump-treasury-buybacks-wipe-out-3-1b-in-shorts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-blasts-past-72000-as-trump-treasury-buybacks-wipe-out-3-1b-in-shorts\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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