Bitcoin Surges Near $70K
Bitcoin climbed as high as $69,987 in its biggest intraday jump since February 6, with Ether, Solana, and Dogecoin each gaining 10% or more amid a crypto short squeeze. The rally followed improved risk appetite across markets and a tech stock surge led by Nvidia. Bitcoin later stabilized above $65,000 as technical analysts built "double-bottom" bullish hopes.
- This surge brings Bitcoin within striking distance of its previous all-time high of more than $73,000, a record set in March 2024. - A recent catalyst for the price movement is a significant reversal in fund flows for U.S.-based spot Bitcoin ETFs. After five straight weeks of net withdrawals totaling $3.8 billion, the funds recently posted their first week of net inflows, attracting more than $560 million. - BlackRock’s iShares Bitcoin Trust (IBIT) has been a primary beneficiary of this renewed interest, recently attracting nearly $300 million in a single day. - The rally builds on momentum from the April 2024 "halving," an event that cut the issuance of new bitcoin from 6.25 to 3.125 coins per block. Historically, these programmed supply reductions have preceded major price increases. - Corporate buyer Strategy Inc. (formerly MicroStrategy) continues its aggressive accumulation, recently purchasing 592 bitcoins to bring its total holdings to 717,722 as of February 22, 2026. - The software company's outsized role was highlighted when one of its recent purchases accounted for 99.2% of all bitcoin bought by public companies that week. However, with an average purchase price of $76,020 per coin, the firm's stock has become the most shorted among large companies worldwide amid significant unrealized losses.
