Key Highlights
- Ether surged 18% over 24 hours, climbing above $2,250 and leading weekly gains among top cryptocurrencies
- Bitcoin broke through $69,100, recording an 8% daily increase and 9% weekly gain
- Treasury Department’s decision to double bond buyback operations fueled a widespread market surge
- Approximately $1.4 billion in short positions liquidated within a four-hour window
- Major US equity indices advanced modestly, with the Dow, S&P 500, and Nasdaq each posting 0.2% gains
Digital asset markets experienced a powerful rally Thursday following the Treasury Department’s announcement of expanded bond buyback operations, driving significant gains across cryptocurrencies and equities.
Ether emerged as the standout performer, soaring approximately 18% over a 24-hour period to reach just over $2,250. This momentum propelled its weekly advance to roughly 20%, marking the strongest showing among leading digital currencies.
Bitcoin climbed to surpass $69,100, marking an 8% daily increase. The cryptocurrency briefly tested nearly $69,900 during overnight trading before experiencing a minor retracement. This movement reflected a dramatic shift of over $5,700 from Wednesday’s session low around $64,100.
Treasury Announcement Sparks Market Movement
The market catalyst originated from Treasury Secretary Scott Bessent’s announcement that the department would expand its buyback operations for longer-dated bonds by at least double. Market participants interpreted this move as an enhancement of liquidity conditions within the Treasury market ecosystem.
Treasury securities rallied sharply following the announcement. The benchmark 10-year Treasury yield declined to approximately 4.63%, while the 30-year rate dropped to 5.18%. A Bloomberg index monitoring Treasuries with maturities of 20 years or longer recorded its largest single-session advance since February 2025.
The rapid price appreciation resulted in approximately $1.4 billion in short position liquidations within a compressed four-hour timeframe on Wednesday. Bearish market participants scrambled to exit positions as momentum shifted decisively against their bets.
Wide-Ranging Cryptocurrency Advances
Additional digital assets recorded substantial gains across the board. Hyperliquid’s HYPE token surged more than 19% to approach $70. Solana advanced over 10% to reach $84.50. XRP gained 10% to $1.09, reclaiming the psychologically significant dollar threshold it had surrendered earlier in the week. Dogecoin registered approximately 8% gains.
BNB and Tron demonstrated more subdued performance. BNB advanced 3.5% while maintaining a weekly increase just above 2%. Tron remained essentially unchanged and stood as the sole major cryptocurrency recording weekly losses.
Market sentiment received additional support from a White House gathering. President Donald Trump hosted executives from Coinbase, Gemini, Ripple, and Chainlink Labs, calling on Congress to move forward with the Digital Asset Market Clarity Act.
Equity Markets Post Gains
US equities advanced in tandem with the bond market rally. The Dow Jones Industrial Average climbed approximately 120 points, representing a 0.2% gain. Both the S&P 500 and Nasdaq posted similar 0.2% advances.
Health care stocks led sector performance, boosted by Moderna cancer vaccine progress. Consumer discretionary and materials sectors also delivered above-average returns. Technology and industrial stocks underperformed amid ongoing pressure on artificial intelligence infrastructure equities.
Federal Open Market Committee meeting minutes revealed divisions among policymakers regarding the potential need for rate increases to combat inflation, though markets showed limited reaction to the disclosure.
Market observers highlight Ether as a critical level to monitor. Analysts observe that rapid advances triggered by liquidity developments, rather than Ethereum-specific fundamentals, frequently experience partial retracements.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
