Ether jumped 18% to $2,250 this week, while Bitcoin topped $69,000, part of a broad rally that lifted nearly every major cryptocurrency into double-digit gains. The surge wiped out about $1.4 billion in short positions. The moves come as the U.S. Treasury doubled its bond buyback program, adding liquidity to markets.
The big movers
Bitcoin's climb past $69,000 grabbed the headlines, but ether's 18% jump to $2,250 was the week's standout. Most other major tokens also posted double-digit gains. Tron was the exception, missing the rally entirely.
The advance wasn't limited to the top coins. It was a broad move across the sector, with traders piling into risk assets.
Shorts get squeezed
Nearly $1.4 billion in short positions were wiped out over the week. When prices move this fast, short sellers are forced to buy back their positions to limit losses, which pushes prices even higher.
It's a classic squeeze, and it can be brutal. The speed of the move likely caught many off guard.
Treasury doubles buybacks
The U.S. Treasury said it will double its bond buyback program. The move injects more cash into the financial system, which tends to support riskier assets like crypto.
The timing is notable. With the rally already underway, the extra liquidity could extend the run, though it's unclear how much of this is already priced in.
Tron's failure to join the rally stands out, but for now, the broader market is moving higher.
