A surprise bond buyback triggered a squeeze that liquidated over $4 billion in bearish crypto bets and sent bitcoin past $77,000.

Bitcoin surged 5.8% to near $70K on August 19, its highest since June 2, as a Treasury bond buyback expansion eased yields and lifted crypto

Analysts say the move is supported by spot and ETF demand, though BTC will need to hold above $70k to show the rally can outlast the squeeze.