Crypto● Neutral
Bitcoin Surges Past $79K in Biggest 3-Day Rally Since 2023
Bitcoin surged 20% in three days, its best rally since early 2023, as Treasury bond purchases pushed yields lower and triggered a $4 billion short squeeze.
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Bitcoin climbed over 1% on Monday, pushing toward $80,000 – a level not seen since May. The move capped the largest three-day rally since early 2023, with the token gaining roughly 20% since Thursday.
Ether rose 2% to near $2,470, its highest since January.
The catalyst was a sharp shift in macro expectations. The U.S. Treasury said it would double purchases of long-term government bonds, sending yields lower and reigniting demand for risk assets. Bitcoin and gold both caught the bid.
That policy change triggered a massive short squeeze. Over $4 billion in bearish crypto positions were liquidated as prices climbed, traders said. The forced covering accelerated the move, turning a modest bounce into the kind of three-day surge the market has not seen in nearly two years.
Institutional demand has followed. Spot Bitcoin ETFs drew $1.92 billion in net inflows last week – the largest weekly haul since October, when Bitcoin hit its cycle peak. The flows suggest the buying is not just retail speculation or short covering, but genuine new allocation.