Almost every major cryptocurrency recorded double-digit weekly gains, with Tron the lone exception. Around $1.4 billion in short positions were liquidated after the Treasury significantly expanded its bond-buyback program.
Ether climbed 18% in 24 hours to above $2,250 during Thursday’s Asian session, more than twice Bitcoin’s daily gain. ETH’s weekly advance reached 20%, making it the best-performing major cryptocurrency.
Bitcoin traded near $69,100, up almost 8% over 24 hours and around 9% for the week. BTC briefly touched nearly $69,900 overnight, representing a rebound of more than $5,700 from Wednesday’s low around $64,100.
Hyperliquid’s HYPE token posted the strongest gain, jumping more than 19% to just under $70 and bringing its weekly increase to approximately 24%.
Solana advanced more than 10% to about $84.50, while its seven-day gain reached roughly 12%.
XRP rose 10% to $1.09, recovering the $1 threshold it had lost on Tuesday. The token is now up nearly 10% over the week.
Dogecoin also moved higher, gaining almost 8% to trade just below $0.075.
BNB lagged the broader market, adding 3.5% to reach $626 and recording a weekly gain of slightly more than 2%.
Tron was little changed around $0.33, making it the only major cryptocurrency still down on the week.
Treasury Buybacks Fuel Crypto Rally
The rally started Wednesday after Treasury Secretary Scott Bessent announced plans to at least double the size of the Treasury Department’s bond-buyback operations.
Investors interpreted the move as a potential liquidity boost for the more than $30 trillion US Treasury market, helping drive demand across risk assets.
Bitcoin gained about 6% during US trading, while approximately $1.4 billion in short positions were liquidated over four hours as bearish traders were forced to close their bets.
The bond rally extended into Asian markets. The 30-year US Treasury yield slipped one basis point to 5.18% after falling nine basis points Wednesday, while the 10-year yield also declined one basis point to 4.63%.
A Bloomberg gauge tracking Treasuries with maturities of at least 20 years surged 1.7% Wednesday, marking its biggest one-day increase since February 2025.
Government bonds in Japan, Australia and New Zealand also gained as the broader fixed-income rally spread across the region.
Trump Adds to Crypto Optimism
Sentiment received another boost after President Donald Trump appeared at a White House event with executives from Coinbase, Gemini, Ripple and Chainlink Labs.
Trump urged Congress to advance the Digital Asset Market Clarity Act, calling for lawmakers to reach “a fair version” of the market structure bill, which remains stalled in the Senate.
Ether Faces $2,200 Test
Ether’s ability to hold above $2,200 could determine whether its latest surge has staying power.
ETH has gained around 18% in just one day after failing to break that level for several weeks. Because the rally has been driven largely by broader liquidity conditions rather than an Ethereum-specific catalyst, some of the gains could be vulnerable to a pullback.
