- Nearly all major cryptocurrencies posted double-digit gains over the past week, with Tron the only exception. About $1.4 billion in short positions were wiped out after the US Treasury expanded its bond-buyback operations.
- Ether led the major tokens, jumping 18% in 24 hours to above $2,250 during Asian trading Thursday. ETH’s weekly gain reached roughly 20%, making it the strongest performer among the largest cryptocurrencies.
- Bitcoin climbed to around $69,100, up nearly 8% over the past day and about 9% for the week. BTC briefly approached $69,900 overnight, rebounding more than $5,700 from Wednesday’s low near $64,100.
- HYPE, the native token of Hyperliquid, was the biggest individual gainer, rising more than 19% to just below $70 and extending its weekly advance to about 24%.
- Solana gained more than 10% to around $84.50, while its seven-day performance stood at approximately 12%.
- XRP advanced 10% to $1.09, recovering the $1 level it had fallen below Tuesday. The token was up nearly 10% over the week.
- Dogecoin added almost 8%, trading just below $0.075.
- BNB posted a more modest 3.5% increase to $626, leaving its weekly gain at slightly above 2%.
- Tron remained almost unchanged near $0.33, making it the only major token still showing a weekly decline.
Treasury Action Sparks Risk-On Move
- The crypto rally began Wednesday after Treasury Secretary Scott Bessent announced a major expansion of the department’s bond-buyback operations.
- The move was interpreted by traders as a potential liquidity boost for the more than $30 trillion US Treasury market.
- Bitcoin advanced around 6% during US trading hours, while roughly $1.4 billion in short positions were liquidated in four hours as traders rushed to cover bearish bets.
- The strength in bonds carried into Asian markets. The 30-year Treasury yield fell one basis point to 5.18% after dropping nine basis points Wednesday, while the 10-year yield slipped to 4.63%.
- A Bloomberg index tracking Treasuries with maturities of 20 years or longer jumped 1.7% Wednesday, marking its largest daily increase since February 2025.
- Bonds also advanced in Japan, Australia and New Zealand, extending the broader fixed-income rally across Asia-Pacific markets.
Trump Backs Crypto Market Structure Legislation
- Positive sentiment was reinforced by President Donald Trump’s appearance at a White House gathering with executives from Coinbase, Gemini, Ripple and Chainlink Labs.
- Trump urged Congress to move ahead with the Digital Asset Market Clarity Act, calling for lawmakers to produce “a fair version” of the market structure bill, which remains stuck in the Senate.
ETH Needs to Defend $2,200
- Ether’s ability to remain above $2,200 could become an important test for the latest rally.
- ETH has surged roughly 18% in a single day after spending weeks below that level. Because the move has been driven largely by broader liquidity developments rather than a specific Ethereum catalyst, traders may see some of those gains reverse if momentum fades.
