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Bitcoin Breaks Above 70K, ETH Up 20%+
Bitcoin is ripping higher this week, climbing (at the time of writing) more than 14% and moving into the 70Ks for the first time since early June.
The move came out of a tightening range, triggered a cascade of short liquidations, and resulted in a standout daily candle on strong volume.
Ethereum followed with even more force, rising more than 20% to reclaim $2,000 with conviction, and altcoins are moving too, with SOL, HYPE, and many others making the kinds of gains that suggest liquidity rotating back into risk.  As for what drove these moves, there are several factors:
● The US Treasury is increasing the size of its liquidity support buybacks for longer-term bonds, from $2 billion to at least $4 billion per operation, beginning in September.
● Crowded short positioning got liquidated, creating a squeeze and clearing out a large chunk of downside leverage.
● In a White House meeting, Trump sat down with executives from Coinbase, Gemini, Ripple, and other crypto and finance firms, reinforcing the admin’s pro-crypto position.
● Constructive SEC proposals for crypto have improved the regulatory backdrop (more on this in the News Roundup, below).
● BTC and ETH ETFs have been absorbing significant inflows this week.
● A period of range-bound consolidation had left BTC coiled, so when resistance levels gave way, momentum took over.
This combination of cleaned-up leverage and supportive policy appears to have created a risk-on setup for crypto after months of bearish price action, although at the same time, it remains to be seen whether the bear market is fully out of the way: for a structural shift to be confirmed, we need continuation.
Trump Talks Hyperliquid
President Trump singled out Hyperliquid during Wednesday’s White House meeting with crypto and finance execs, explaining that CFTC Chair Mike Selig is “working to bring Hyperliquid into the United States in a fully compliant and legal fashion”.
Hyperliquid–currently restricted for users in America–specializes in onchain perps trading, and Trump framed the effort within a broader push to position crypto infrastructure onshore in the US.  HYPE reacted immediately to this news, posting double-digit gains on the day, and it’s worth noting also that Lighter is positioned to benefit from this regulatory drive. Lighter is a direct competitor to Hyperliquid, and benefits from a Robinhood connection: Robinhood Ventures participated in its funding, and Lighter powers perps access inside Robinhood Wallet and on Robinhood Chain.
Regulators Push Ahead On Crypto, Without Congress
The CFTC will hold the first meeting of its Innovation Advisory Committee today, with plans to discuss crypto rules, AI, and prediction markets.
The session includes executives from firms including Coinbase, Ripple, Polymarket, Kalshi, and others, and comes immediately after the SEC proposed its own new crypto rules, called Regulation Crypto Assets. The SEC’s proposals include two exemptions from securities registration: a startup exemption allowing raises of up to $5 million over four years, and a fundraising exemption for up to $75 million per 12-month period.
Additionally, there is a condition that would allow crypto assets to exit investment-contract status once the issuer has completed initial managerial tasks.
With the CLARITY Act still held up in the Senate, both the CFTC and the SEC appear now to be moving to write their own rules rather than waiting for lawmakers, in what looks like a coordinated push.
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