Bitcoin Tops $69,000, Ether Soars 18% as $1.4 Billion in Shorts Get Wiped Out

Ether jumped 17% within 24 hours to trade just above $2,250 during Thursday morning trading in Asia, outpacing bitcoin’s move and pushing its weekly gain to roughly 20%, the strongest performance among major cryptocurrencies.

Bitcoin climbed nearly 8% on the day to trade above $69,100, briefly touching almost $69,900 overnight, a swing of more than $5,700 from Wednesday’s low.

Broad Rally Across the Market

Hyperliquid’s HYPE token posted the largest single-day gain, rising over 20% to nearly $70 and up 24% for the week. Solana climbed more than 10% to $84.50, while XRP jumped 10% to reclaim the $1 level for the first time since 2024. Dogecoin added nearly 8%. Not every token kept pace, however, with BNB gaining a modest 3.5% and Tron staying nearly flat, making it the only major cryptocurrency lower on the week.

Treasury’s Buyback Move Sparks the Rally

The surge traces back to Wednesday, when Treasury Secretary Scott Bessent announced a significant increase in the size of the department’s bond buyback program, a move traders interpreted as support for liquidity in the massive US Treasury market. Bitcoin rose 6% during Wednesday’s US trading session, triggering roughly $1.4 billion in short position liquidations within just four hours.

Bond Markets Rally Alongside Crypto

The momentum extended into Asian trading, with the 30-year Treasury yield easing further after a larger drop Wednesday, and the 10-year yield following a similar pattern. A major Treasury index tracking longer-dated bonds recorded its biggest single-day gain since early 2025, while bond markets in Japan, Australia, and New Zealand also rose.

Caution Ahead as Ether Tests Key Level

Analysts note ether’s rapid 18% move in a single day, driven largely by a broad liquidity headline rather than Ethereum-specific news, may see some pullback if it fails to hold above the $2,200 level.