Bitcoin and ether rallied sharply after President Donald Trump urged Congress to pass legislation seen as a boost for the crypto industry, while a mix of Treasury policy shifts and regulatory signals added fuel to the move.
Trump’s Comments Spark a Broad Crypto Rally
Trump’s push for the bill coincided with remarks hinting at potential regulation of Hyperliquid, the decentralized exchange that’s become a go-to venue for perpetual futures trading. The Hyperliquid token jumped roughly 20% in 24 hours following the comments, according to CoinGecko data.
Trading in the iShares Bitcoin Trust ETF (IBIT) also spiked, running more than 4.5 times its 30-day average even before the Hyperliquid headlines hit. Bitcoin volatility, as measured by Volmex Labs’ BVIV Index, climbed above 43.5 after touching a year-to-date low of 35.5 just days earlier.
Treasury’s Bond Buyback Move Adds Fuel
A big driver behind the rally traces back to the bond market. The U.S. Treasury announced a substantial increase in buybacks of 20-year and 30-year bonds, which pushed yields notably lower. Lower yields tend to make riskier assets like bitcoin more attractive to investors, said Charlie Hayward, APAC regional director at RootstockCollective.
Max Stuedlein, head of partnerships at Sygnum APAC, said the move reflects the Treasury’s effort to ease long-term borrowing costs, which have climbed amid concerns over U.S. debt levels and competition from hyperscaler debt issuance. Geoffrey Kendrick, global head of digital assets research at Standard Chartered, called the Treasury’s increased back-end support exactly the kind of catalyst bitcoin thrives on, adding that investors should now position for a move toward $100,000 by the end of 2026.
Also Read: Trump Vows “Crushing” Economic War on Iran as Oil Markets Watch Nervously
Short Sellers Get Squeezed as Ether Hits Multi-Month High
The rally’s intensity triggered the second-largest short liquidation event on record, according to Thomas Lee, co-founder and head of research at Fundstrat. Ether was among the biggest beneficiaries, climbing about 19% over the past week to $2,251 and touching a three-month high.
The move marks a break from bitcoin’s recent pattern. The asset had spent the past six weeks trapped between support near $62,000 and resistance around $66,000, a stretch that frustrated traders given how far bitcoin had already pulled back from its all-time high last October, said David Morrison, senior market analyst at Trade Nation.
Whether this breakout has staying power may hinge on how Congress handles the crypto bill — and whether the Treasury’s yield-lowering strategy continues to support risk appetite in the months ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of chainrant.com. Before making any investment decisions, you should always conduct your own research. chainrant.com/ is not responsible for any financial losses.
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