Digital Gold Stirs at Last – Week in Review
This week, bitcoin awoke from its slumber, springing out of bed. Going in, bitcoin volatility was as compressed as it has been in a decade, with BVOL 7D at 2.82, the sixth-lowest reading in ten years, described at the time as a “historically stretched elastic band.”
Fidelity’s Jurrien Timmer, writing days before the move, had bitcoin floundering around $65,000 with no visible catalyst in either direction, though he guessed that a rising tide in gold would eventually take bitcoin and Ethereum with it.
The band snapped on Thursday morning. Bitcoin added roughly 4,400 in fifty minutes, touching 69,500 and liquidating about $1.1 billion of shorts inside an hour. It might’ve been the largest single-day short liquidation in bitcoin’s history.
By Thursday morning, bitcoin was near 72,000, up more than 7% on the day and roughly 12% on the week. Ethereum did better still, opening Thursday up 17.5%, with XRP up 13%.
Spare a thought for Jim Cramer, who sold all of his bitcoin immediately beforehand, and for everyone who insisted they were waiting for a Saylor liquidation to buy. “Everyone buys bitcoin at the prices they deserve.”
The catalyst came almost entirely from Washington D.C. Last week, the SEC looked like it was ready to fill CLARITY’s vacuum. It did. SEC Chairman Paul Atkins went to X to call the agency’s new proposal the most historic step yet to modernize federal securities regulations for crypto assets.
Next, U.S. President Trump said on live television that the United States is considering buying sizable amounts of bitcoin. He pushed Congress to pass CLARITY ahead of its September procedural vote and added that the CFTC Chair is working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Anyone with any amount of HYPE proceeded to flood CT (Crypto Twitter) with “Hyperliquid” posts.
Obviously, Hyperliquid was one of the week’s biggest single beneficiaries.
$ETH $BTC
This week, bitcoin awoke from its slumber, springing out of bed. Going in, bitcoin volatility was as compressed as it has been in a decade, with BVOL 7D at 2.82, the sixth-lowest reading in ten years, described at the time as a “historically stretched elastic band.”
Fidelity’s Jurrien Timmer, writing days before the move, had bitcoin floundering around $65,000 with no visible catalyst in either direction, though he guessed that a rising tide in gold would eventually take bitcoin and Ethereum with it.
The band snapped on Thursday morning. Bitcoin added roughly 4,400 in fifty minutes, touching 69,500 and liquidating about $1.1 billion of shorts inside an hour. It might’ve been the largest single-day short liquidation in bitcoin’s history.
By Thursday morning, bitcoin was near 72,000, up more than 7% on the day and roughly 12% on the week. Ethereum did better still, opening Thursday up 17.5%, with XRP up 13%.
Spare a thought for Jim Cramer, who sold all of his bitcoin immediately beforehand, and for everyone who insisted they were waiting for a Saylor liquidation to buy. “Everyone buys bitcoin at the prices they deserve.”
The catalyst came almost entirely from Washington D.C. Last week, the SEC looked like it was ready to fill CLARITY’s vacuum. It did. SEC Chairman Paul Atkins went to X to call the agency’s new proposal the most historic step yet to modernize federal securities regulations for crypto assets.
Next, U.S. President Trump said on live television that the United States is considering buying sizable amounts of bitcoin. He pushed Congress to pass CLARITY ahead of its September procedural vote and added that the CFTC Chair is working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Anyone with any amount of HYPE proceeded to flood CT (Crypto Twitter) with “Hyperliquid” posts.
Obviously, Hyperliquid was one of the week’s biggest single beneficiaries.
$ETH $BTC
