This round of the big jump in Bitcoin was not sparked by the crypto circle, but by the $30 trillion U.S. Treasury market. The U.S. Department of the Treasury doubled the scale of long-term government bond repos, and yields on the long end fell rapidly, loosening the mountain of risk that had been weighing on risk assets. ETF funds moved in early, and 1.44 billion short positions were liquidated in a concentrated squeeze. BTC and ETH led the rally, and hard-cap coins like RVN would likely rebound with market sentiment. But repos are only a signal; they don’t automatically mean a bull market is here. Macro conditions are the catalyst, while token models and incremental capital are the real fundamentals. Don’t treat a short-squeeze-driven move as a guaranteed long-term trend.