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Improving sentiment driven by expectations for crypto-friendly U.S. policies and expanded Treasury liquidity measures lifted the digital asset market, Bloomberg analyzed. Bloomberg said BTC surged nearly 8% in a short squeeze, triggering the biggest short-position liquidation since 2021, with more than $1 billion in short positions liquidated in one hour. BTC also jumped to $69,500, the highest level since early June, and posted its biggest daily gain since March.
ETH also rose as much as 12%, while crypto-related stocks including Coinbase (COIN) and Strategy (MSTR) posted sharp gains. Bloomberg said buying across the broader market was supported by U.S. policy moves seen as favorable, including regulatory discussions under President Donald Trump, the U.S. SEC’s proposal to exempt crypto issuance startups from securities registration, and the U.S. Treasury’s expanded bond buyback scale.