Bitcoin Tops $80,000 as a Short Squeeze Meets Fresh ETF Money

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The crypto market has staged a rally over the past few days that almost nobody saw coming. Bitcoin has climbed back above $80,000 for the first time since spring and currently trades around $79,300, leaving it roughly 24 percent higher over the week. At the start of the previous week it was still changing hands near $64,000.

The move has long since spread beyond the largest cryptocurrency. Ethereum sits at about $2,480, some 31 percent above where it stood a week ago. XRP has gained even more ground with a jump of 49 percent, Solana is up 31 percent and Hyperliquid 35 percent. The standout among the larger tokens is Zcash, which has surged nearly 67 percent to around $840.

The Major Coins at a Glance

The Trigger Came Out of Washington

The spark came from the U.S. Treasury. Late last week, Treasury Secretary Scott Bessent announced that buybacks of longer-dated government bonds would be expanded, doubling the maximum volume of those operations to at least $4 billion. He also hinted that even larger purchases were possible.

Markets read the move as a sign that Washington keeps postponing genuine fiscal consolidation and is treating the symptoms instead. Yields at the long end of the U.S. curve eased and the dollar slid to a multi-month low. Investors responded by rotating into alternative assets, which lifted gold along with the crypto market. Politics added a further tailwind: President Trump urged the Senate to finally pass the Clarity Act, the contested crypto regulation bill, and the Securities and Exchange Commission had shortly before published its proposal for a dedicated “Regulation Crypto Assets.”