Bitcoin Liquidates Over $1B in Shorts in One Hour, Biggest Squeeze Since 2021

Bitcoin broke above $70,000, hitting a two-month high, with over $1 billion in short positions forcibly liquidated within an hour, forming a rare short squeeze. Policy signals, including Trump meeting with crypto industry executives, the U.S. SEC considering exempting certain digital asset registration requirements, and the Treasury expanding its bond buyback scale, have improved risk appetite. On-chain data also shows that large holders have recently net added approximately 43,000 BTC, with signs of a reversal in market selling pressure.