The move was fueled primarily by macroeconomic factors rather than pure crypto-specific news:
U.S. Treasury bond buybacks — Treasury Secretary Scott Bessent’s plans to at least double long-dated Treasury buybacks (to help cap rising long-end yields) weakened the U.S. dollar and revived the “dollar debasement trade.” Investors turned to Bitcoin (and gold) as potential hedges against currency erosion and concerns over government spending/debt.
wsj.com
Policy optimism — President Trump’s recent calls for clearer cryptocurrency regulations (including support for legislation like a Clarity Act) and meetings with industry leaders added momentum.
reuters.com
Institutional demand — Spot Bitcoin ETFs saw strong inflows (around $1.9 billion last week, with consecutive days of net inflows, including multi-day streaks for major funds).
vietnam.vn
Short squeeze — Roughly $3 billion in short positions were liquidated over a couple of days, amplifying the upward move as traders covering positions bought into the rally.
coindesk.com
Spot buying and improving liquidity also supported the advance, though some analysts noted caution due to relatively low Bitcoin network activity and restrained futures leverage.