Bitcoin Hits Highest Price Since June as $3 Billion in Shorts Liquidated
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Bitcoin price hits 11-week high as US Treasury doubles debt buyback size
Bitcoin joined US stocks in a broad rally after the US Treasury announced that it was at least doubling the amount of its debt buyback operations from September.
Analysts: Stablecoin market capitalization shrinks by over $3 billion per month, Bitcoin's rebound lacks "fuel" support.
PANews reported on July 8th that CryptoQuant analyst Axel Adler Jr. stated that since mid-May, the stablecoin market has shifted from a source of liquidity to a source of liquidity depletion. The 30-day average inflow into stablecoin exchanges has fallen from $3.2 billion to $2.65 billion, 31% lower than the annual average of $3.86 billion; the combined market capitalization of USDT and USDC is shrinking at a rate exceeding $3 billion per month. The analyst points out that Bitcoin's 21% drop since mid-May is a direct consequence of this "fuel" shortage. Currently, the market is losing liquidity on two levels simultaneously: fewer new stablecoins are flowing into exchanges, and the dollar base itself is contracting. Improvement requires a reversal of both indicators—the 30-day average inflow returning above the annual average, and the monthly change in market capitalization returning to positive territory.
A well-known trader stated that Strategy's OTC selling of cryptocurrencies has limited impact on spot prices, and Bitcoin could potentially reach as high as $65,600.
According to Mars Finance, on July 7th, renowned trader Killa (@KillaXBT) stated that if Bitcoin holds above last week's closing price (approximately $59,000), it could potentially reach $65,600. Furthermore, regarding the "historic sell-off of 3,588 BTC by Strategy," Killa clarified that Strategy did not sell through the open market but rather through institutional trading to avoid significantly impacting Bitcoin's price. This partly explains Bitcoin's initial drop followed by a rise last night. Killa, a quantitative trader specializing in BTC, predicted the peak of this bull market in May 2025 and has over 200,000 followers on the X platform. In mid-April, he short Bitcoin at $74,688 and then went long during the market downturn on June 5th.
Bitcoin ETFs draw $517M in largest one-day inflow since early May
Investors have poured more than $1 billion into US spot Bitcoin ETFs this week as BTC neared $72,000 and Ether climbed 19% to about $2,286 on Thursday.
Crypto short liquidations pass $3B mark as Bitcoin price nears $72K
Bitcoin approached $72,000 in a second day of upside as crypto short liquidations passed $3.1 billion.
Bitcoin Surges Toward $70K as $1.14 Billion in Crypto Shorts Get Rekt in an Hour
A White House sitdown with crypto's biggest names and softer Fed signals lit the fuse. But the charts show why the pain for bears might not be over yet.