Bitcoin Hits $78K on Short Squeeze, Institutional Buys Amid FTX Risks

Bitcoin surged 3% to $78,112, leading crypto gains as a massive short squeeze liquidated $320m-$455m in positions, fueled by institutional heavyweights like MicroStrategy's $2.54bn purchase (34,164 BTC) and $1.62bn ETF inflows over six days. Easing geopolitical tensions and a hotter August CPI (3.7% vs. 3.6% expected) boosted sentiment, pushing market cap toward $2.7T with volume up $9.74bn. However, looming $3.4bn FTX liquidations—including $268m BTC—threaten to cap upside, with technicals eyeing $81,952 above $78K or $75,170 support below.