Ethereum broke out of a three-month range as a US Treasury move to double bond buybacks revived risk appetite and forced $2.74 billion of short positions to close.
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Ethereum jumps 18% to $2,250 as Treasury move fuels short squeeze
Ethereum broke out of a three-month range as a US Treasury move to double bond buybacks revived risk appetite and forced $2.74 billion of short positions to close.
Ethereum rose 18% to $2,250 after the US Treasury doubled bond buybacks, easing pressure on risk assets and triggering a $1 billion short squeeze.
CoinGlass data shows $2.74 billion in short positions were liquidated across 171,711 accounts in 24 hours, against just $257 million of longs. Ethereum traders lost $1.13 billion, with the largest single order a $32.18 million ETH position wiped out on Bitget.
The move followed the Treasury's decision to raise buyback operations for longer-dated nominal coupon securities to at least $4 billion each, up from a $2 billion maximum, effective September 9. The 10-year yield fell to 4.647 percent and the 30-year slid to 5.196 percent after touching their highest since 2007 a day earlier. Lower yields reduce the appeal of safe debt, sending cash back toward risk assets.
ETH broke above the upper trendline of a rising channel it has held since June 26. Sellers stopped the token at $2,288; a daily close above that level opens $2,579, while failure drops it toward $2,187 and then the firmer $2,108 floor.
The squeeze extended across the market. Bitcoin rose above $69,000 for the first time since June, touching an intraday high of $69,749 before trading near $68,689, up 9.3 percent on the week. Total crypto market cap stood near $2.34 trillion, up about 9.32 percent from yesterday's low. Solana and XRP also advanced.
Spot Bitcoin ETFs turned net positive this week after a stretch of outflows, adding to the tailwind. The rally comes ahead of a White House meeting where President Trump is expected to sit down with SEC Chair Paul Atkins, CFTC Chair Michael Selig, and executives from Coinbase, Ripple, and Kalshi to discuss crypto market-structure rules. The Federal Reserve's July meeting minutes are also due later Wednesday.
The sustainability of the move depends on whether ETH can hold its gains. The $2,288 resistance and the $70,000 psychological level for Bitcoin are now being tested. A pullback is possible if profit-taking emerges, and the high leverage that fueled the squeeze cuts both ways — a reversal could trigger a cascade of long liquidations.
This article is for informational purposes only and does not constitute investment advice.
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