Bitcoin Breaks Above $69,000 as Ether Surges 18% to $2,250

Key Takeaways

• Bitcoin (BTC) climbed above $69,000 in 24 hours, with nearly $1.4 billion in short positions liquidated as risk appetite improved.
• Ethereum (ETH) jumped 18% to above $2,250, bringing its weekly gains to about 20%.
• S. Treasury bond buybacks and President Trump’s call for Congress to advance the Clarity Act added to the positive sentiment.

Current market data shows Bitcoin has extended its recovery, trading above $69,000 after briefly approaching $69,900 overnight. BTC is up almost 8% over 24 hours and 9% over the week. Bitcoin has recovered roughly $5,700 from Wednesday’s low near $64,100.

(BTC Price Chart – Source: CoinDesk)

In Asian morning hours on Thursday, Ethereum’s native token, Ether (ETH), surged 18% over 24 hours to above $2,250. The move pushed ETH's weekly gain to roughly 20%, making it the strongest performer among leading cryptocurrencies.

(ETH Price Chart – Source: CoinDesk)

The rally extended beyond Bitcoin and Ethereum. Hyperliquid’s HYPE was the largest single gainer, up over 19% to nearly $70, while Solana gained over 10% to about $84.50. XRP climbed 10% to $1.09, reclaiming the $1 level it lost on Tuesday for the first time since 2024, and is now up almost 10% for the week. Dogecoin added almost 8%, BNB rose about 3.5%, while Tron remained nearly unchanged.

Treasury Buybacks Boost Risk Appetite

The rally began Wednesday after U.S. Treasury Secretary Scott Bessent increased Treasury bond buyback operations. Traders interpreted the move as a step toward supporting liquidity in the more than $30 trillion U.S. Treasury market.

Bitcoin’s advance was then amplified by a short squeeze. BTC rose 6% through the U.S. session, and roughly $1.4 billion in short positions were liquidated within four hours. The liquidations forced bearish traders to buy back positions as prices moved higher.

The bond market contributed to the rally. The 30-year U.S. Treasury yield dropped one basis point to 5.18% following a nine-basis-point drop on Wednesday, while the 10-year yield also fell by one basis point to 4.63%.

Political developments also added to the positive mood. President Donald Trump urged Congress to advance the Clarity Act during a White House crypto event, calling for “a fair version” of the crypto market structure bill that has been stuck in the Senate. Attendees included executives from Coinbase, Chainlink Labs, Gemini, and Ripple.

For Ether, the key level to watch is $2,200. ETH's ability to hold above $2,200 could attract more buyers, but the rally's size also leaves room for a pullback if liquidity-driven momentum fades.

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