Bitcoin Surges to $69,551.09 Amid Treasury Buyback Expansion

Bitcoin broke out of its multi-week range and surged to $69,551.09, a gain of 8.18% over the past 24 hours. Ethereum also traded above $2,250, up 17.74% for the day.

The US Treasury's decision to double long-dated bond buybacks reset liquidity expectations across risk assets and fueled the rally. This move pushed 30-year yields down near 5.19%, weakening the dollar and lifting demand for dollar-denominated digital assets.

Traders are now watching whether this pace holds once forced buying from short covering fades. The Treasury's expanded buybacks added fresh liquidity, while the SEC's proposed exemptions accelerated the move further.