Share
Bitcoin (BTC) traded near $75,240 on Friday after touching $75,514, briefly pushing Strategy’s Bitcoin position back above breakeven. The company holds 840,447 BTC acquired for $63.36 billion at an average cost of $75,385, according to its latest US Securities and Exchange Commission (SEC) filing.
Just days earlier, with Bitcoin near $63,539, the position was carrying close to $10 billion in unrealized losses. At Friday’s intraday high, it briefly swung to roughly $108 million in paper profit.
The rapid reversal puts $75,385 in focus as a corporate breakeven reference, though Strategy’s purchase price doesn’t automatically make it technical resistance. Bitcoin has already reclaimed its 200-day moving average (MA) near $69,000, while the latest advance pushed BTC back into the $75,000-$76,000 range.
The source of the buying matters at these levels. CoinGlass data showed more than $4 billion in crypto shorts were liquidated across the two-day move, including roughly $1 billion during the latest 24-hour window after about $3 billion in the prior session.
The squeeze followed the US Treasury’s move to increase long-end bond buybacks from $2 billion to at least $4 billion per operation. Falling long-term yields helped lift risk assets, while forced purchases from short sellers accelerated Bitcoin’s advance.
Bitcoin analyst James Check described the positioning shift on X, saying bears were now “in pain.” The liquidation figures support that reading, but that source of buying fades as fewer short positions remain available to squeeze.
Price Pain Capitulation in February.
Time Pain Capitulation in June.
Bears In Pain, right now. pic.twitter.com/TNCjHRCVzv
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) August 21, 2026
Spot exchange-traded fund (ETF) flows offer a stronger test of whether fresh capital is joining the move. US spot Bitcoin ETFs recorded $517.19 million in net inflows on Wednesday, their largest daily total since May 4, according to SoSoValue data.
BlackRock’s IBIT led the session with $284.7 million, while ARKB added $77.7 million and Fidelity’s FBTC drew $62.4 million. Eight of the 12 funds recorded net inflows, showing the buying was spread across several issuers rather than concentrated in one product.
The broad ETF inflows show that fresh capital was entering spot-linked products alongside the forced buying in derivatives. That gives the rally a second source of demand as Bitcoin trades around Strategy’s breakeven level.
Bitcoin has now traded on both sides of Strategy’s $75,385 average purchase price after an approximately 18% weekly advance. Friday’s $75,514 intraday high stood just $129 above Strategy’s average cost.
Share
preferred on
