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Bitcoin’s rally has been driven by falling Treasury yields, a short squeeze, and renewed optimism over U.S. crypto policy, Forbes reported.
Dave Liebowitz, head of growth at private credit platform Cap, said Bitcoin’s advance appeared to be the result of several factors working at once rather than a rally unique to crypto. He said the macro backdrop had become more supportive for risk assets, while nearly $2 billion flowed into U.S. spot Bitcoin ETFs last week. Improving liquidity conditions and sustained institutional demand combined to push Bitcoin higher արագly, he added, especially as market positioning had been built more defensively.
Paul Howard, senior director at crypto trading firm Wincent, said the initial move higher was led by a short squeeze, with subsequent support coming from U.S. Treasury bond purchases and optimism surrounding the CLARITY Act. That momentum then drew the attention of investors who had previously been focused elsewhere, Howard said, adding that Bitcoin was likely to extend its gains and could reach $100,000 by year-end.