Major market development today: $BTC breaks through $75,000, with an intraday gain of over 7%, driving a broad rally across the crypto market. Three key drivers behind it: ① The U.S. Treasury announced a doubling of the size of long-term Treasury repurchases, causing long-end yields to fall and improving liquidity expectations; ② Trump met with executives from Coinbase, Kraken, and other crypto industry firms at the White House, again urging Congress to pass the “CLARITY Act”; ③ The market’s short positions are extremely crowded, with a liquidation scale exceeding $1 billion, and short covering intensifying the rally. Standard Chartered reiterated its year-end BTC target of $100,000, while Fundstrat warned that volatility could reach 30% within the next 60 days. Expectations for regulatory framework progress and improvements in macro liquidity are moving in sync, but the legislative process remains uncertain.

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