After $BTC pulled back up to the $75K mark, optimism is spreading across the market. The momentum for this rebound is coming from a few reasons

- The U.S. Treasury increases the scale of long-term bond buybacks: They announced raising at least double the size of buybacks for long-dated bonds (from $2 billion to at least $4 billion per tranche, starting in September). This sharply drives down yields on long-term bonds (30-year yields previously touched the highest level in nearly 20 years), and the USD weakens. When yields fall, risk assets like Bitcoin become more attractive.

- Big short squeeze: Many traders who are short (betting on a price drop) are getting liquidated in large numbers, with about $3 billion in shorts wiped out in a short time—this is the biggest liquidation since the October incident last year. The forced buybacks to close positions have pushed the price higher through a chain reaction.

- The White House meeting and policy expectations: President Trump met with leaders from the crypto industry and urged Congress to pass the Clarity Act (a bill to structure the crypto market and clarify regulations). There are also positive signals about the U.S. potentially buying BTC, supporting platforms like Hyperliquid, along with proposals from the SEC. This increases optimism about a more favorable legal/regulatory environment.

- Accumulating ETF capital flows: Spot Bitcoin ETF funds in the U.S. are seeing strong inflows (about $517 million in a single day, the highest level since May). Whales also show signs of accumulating.

- The Fear and Greed Index has returned to the greed zone. The market is waiting for a new growth wave, and on-chain metrics are gradually shifting from indecision to something increasingly positive.

*What about my personal view?

- The current impacts are quite positive, but they’re not enough to change the overall market picture. The positive effect could reverse very quickly if there’s bad news and longs get liquidated below. For example, clarity has been delayed many times—after this meeting, will it really be better?

- BTC is still in a bear market range. Even if it pushes up to the 80k zone, the risk is still there. Whether this structure changes or not is very important in the coming weeks.

- Some institutions (like Standard Chartered) still maintain a target around $100,000 by the end of 2026 based on liquidity and policy.

- This period needs to be researched carefully because there may be a wave in some ecosystem that we need to catch. For example, Base may soon release a token, or ETH may be preparing for the Glamsterdam upgrade,...

- What do you guys think about it?