Bitcoin Tops $75,000 for First Time in Three Months as Treasury Buyback Plan Fuels Short Squeeze

Bitcoin pushed past $75,000 in Asian trading Friday, its highest level in more than three months, extending a rally that started midweek. The largest cryptocurrency rose as much as 4.8% to near $77,000 before slowing to most recently trade around $76,500.

The move puts bitcoin up about 20% for the week. If that holds, it would be its biggest weekly gain since March 2024. The trigger was the U.S. Treasury Department’s announcement that it will at least double the size of its liquidity support buybacks for longer-dated nominal coupon securities across the 10- to 30-year segment, a plan Treasury Secretary Scott Bessent laid out Wednesday.

Two other catalysts stacked on top. The SEC proposed Regulation Crypto Assets on Tuesday, its first major crypto rulemaking, and President Donald Trump met Wednesday with executives including Coinbase and Payward, Kraken’s parent, pressing the Senate to move the Clarity Act.

Nearly $3 billion in crypto shorts were liquidated Wednesday, and another $1.2 billion in shorts have been wiped out over the past 24 hours, according to Coinglass.

The Bitcoin Fear & Greed Index has climbed to 62, its highest reading since October 2025 and firmly in greed territory. The rally follows a rough stretch, with bitcoin dipping below $60,000 in June after topping $82,000 in early May.

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