- Bitcoin surges 7.7% to an 11-week high near $69,700 on Treasury liquidity news.
- Treasury doubles long-term bond buybacks, fueling a $2.98 billion liquidation.
- Trump hosts crypto executives, pushes CLARITY Act ahead of Senate recess.
Bitcoin traded near $68,945, up a sharp 7.7% over the past 24 hours and up 9.3% for the week, briefly touching $69,749 intraday, its highest level since June 2. Ethereum surged even harder, up 17.8% on the day and 20.0% for the week to trade above $2,235. XRP jumped 10.1% to $1.09, and Solana climbed 10.5% to $84.24.
Total crypto market capitalization stood at $2.47 trillion, up 8.1% over the past day, with 24-hour trading volume reaching $117.55 billion.
Trending Searches Track the Rally
Hyperliquid led trending searches with a 19.4% surge, followed closely by Bitcoin itself, up 7.7%, while pipedog jumped 15.8%. Among top gainers, Pepecoin surged 84.7%, StonkBroker added 49.5%, and Thinking Cat rose 58.6%, as the broad market rally lifted speculative names alongside majors.
Treasury Buyback Expansion Ignites the Rally
The US Treasury announced it will at least double the size of its long-term Treasury buyback operations, raising the per-operation cap from $2 billion to at least $4 billion starting September 9 through November 4. The move sent the 30-year Treasury yield tumbling about 9 basis points from its near-20-year high to 5.19%, and markets read the liquidity signal as broadly supportive of risk assets.
Standard Chartered’s Geoff Kendrick said the move represents “Bitcoin’s favorite environment,” pointing to $65,500 as key resistance and suggesting a break above that level could confirm the current cycle’s low is already in, with a path toward $100,000 by year-end.
Bitfinex said that stablecoin supply on exchanges has fallen roughly $14 billion since May, and that the rally “lacks funding support” until stablecoin liquidity recovers. The stablecoin supply ratio climbed from 9.82 on June 30 to 11.69, signaling tighter market liquidity conditions despite the price move.
Massive Short Liquidation Cascade
The rally triggered approximately $2.98 billion in liquidations over 24 hours, the eighth-largest liquidation event in crypto market history, with roughly $1.345 billion of that concentrated in a single 24-hour window dominated by short positions, which accounted for over 93% of liquidations in the final hour alone. BTC and ETH shorts bore the brunt, with about $662 million in Bitcoin shorts and $366 million in Ethereum shorts wiped out. One whale’s $125 million, 1,800 BTC short position was forcibly liquidated in stages as Bitcoin rebounded, while another trader’s 50,000 ETH short realized a $26.66 million loss.
Related: CFTC Bars FTX Executives From Trading After Settlement With Agency
Trump Hosts Crypto Executives, Pushes CLARITY Act
President Trump met at the White House with SEC Chair Paul Atkins, CFTC Chair Michael Selig, and executives from Coinbase, Ripple, Gemini, Kalshi, Nasdaq, NYSE, CME, and DTCC ahead of the CFTC’s first Innovation Advisory Committee meeting.
Trump urged Congress to advance the CLARITY Act, calling it “very strong structural legislation,” while Coinbase CEO Brian Armstrong called for “all hands on deck” to get the bill passed before the Senate’s September recess deadline, which requires 60 votes.
Trump also said the US has discussed plans to accumulate “massive” Bitcoin and other crypto reserves, and separately confirmed the CFTC is working to bring Hyperliquid into the US under a compliant framework, sending HYPE up more than 20% in 24 hours despite several large holders, including Multicoin Capital and FalconX, moving tens of millions of dollars worth of HYPE to exchanges during the same window.
VanEck Flags Capitulation Signals
VanEck said Bitcoin has now triggered 8 of 12 historical capitulation indicators, suggesting the market is nearing bottom territory typical of past bear markets, though the firm cautioned these signals are better suited for long-term positioning than short-term bottom-fishing.
Based on prior cycles averaging 11-12.7 months from top to trough, VanEck flagged September through November as a potential accumulation window, with Bitcoin now ten months removed from its October 2025 high.
Institutional and Corporate Developments
Marvell and Google signed a chip purchase-for-equity deal worth up to $12.2 billion, granting Google warrants tied to custom chip purchases supporting its TPU infrastructure. OpenAI’s CFO told employees the company plans to go public in 2027, potentially earlier if momentum continues. Strategy disclosed that 12 of its top 15 institutional shareholders increased positions in Q2, adding a combined $1.2 billion, led by Goldman Sachs nearly quadrupling its stake.
Related: What Happens If You Buy Bitcoin Before the Bottom Is Confirmed?
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
