Bitcoin Tops $75,000 on $3B Squeeze, Treasury Liquidity

Bitcoin cleared $75,000 this week, confirming the breakout from a six-week, $62,000-$66,900 range that had capped the market since early July. The move traces to a mechanical event more than a narrative one: roughly $3 billion in short positions were liquidated in 24 hours, the largest such flush since at least 2021, after the U.S. Treasury doubled long-dated bond buybacks to at least $4 billion and eased 30-year yields off a multi-decade high. That liquidity signal, a persistent run of spot ETF inflows, and the SEC's first substantive crypto rulemaking are now pointing the same direction, but funding rates and positioning data say this advance was built on short covering, not fresh leverage…