TLDR Tech / Crypto
Bitcoin Rebounds to $74K After Hormuz-Driven Selloff
Bitcoin increased from ~$70,741 back above $74,000 in under 24 hours, erasing its Hormuz-blockade losses in what analysts described as a textbook short squeeze. A cluster of leveraged short positions in the $72K–$73.5K band was forced to cover as prices broke through, triggering ~$89.5M in BTC short liquidations, a 1,000%+ spike in single-day short wipeouts. Spot Bitcoin ETFs logged $786M in net inflows in the prior week, with BlackRock's IBIT leading, suggesting institutional demand provided the floor that made the squeeze possible. The rapid recovery reinforces Bitcoin's pattern of treating geopolitical shocks as dip-buying opportunities rather than sustained sell signals.
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