About $700 million in bitcoin short positions were liquidated this week in less time than it takes to heat up a $20 burrito (about one minute). Bitcoin climbed above $72,000 Thursday, a day after the Treasury moved to double long-duration bond buybacks and, separately, President Trump put pressure on lawmakers to pass crypto’s long-awaited Clarity Act. 

Bitcoin breaking out of the $62,000-to-$66,000 cage it’s been in for the past six weeks caused bearish bets to backfire. Over the 24 hours through Thursday morning, CoinGlass found about $1.8 billion in bitcoin shorts were liquidated as bitcoin’s second-biggest short squeeze ever took hold. 

At the same time, spot bitcoin ETFs on Wednesday notched their biggest daily inflow…