Bitcoin Jumps 8.7% as Treasury Doubles Bond Buybacks
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- Bitcoin jumped as much as 8.7% Wednesday to an intraday high of $69,749, its steepest one-day move since March 4 and its highest price since June 1.
- The U.S. Treasury announced it will double long-bond buybacks from $2 billion to $4 billion per operation starting September 9, pushing long-end yields down and weakening the dollar in what analysts dubbed 'QE Lite.'
- CoinGlass tracked $1.14 billion in crypto shorts liquidated in a single hour, with Bitcoin accounting for $677.64 million of that total.
- Myriad's 'BTC next move' prediction market flipped from roughly 70% favoring a drop to $55,000 to a near coin flip (51.9% to $55K, 48.1% to $84K) within 24 hours.
- Polymarket was pricing a 56% chance BTC touched $55,000 before year-end as of last week, while Kalshi gave just a 31% chance Bitcoin would clear $70,000 in August—both thresholds already blown through.
- Crypto-linked stocks followed the squeeze higher: Strategy gained nearly 12%, Coinbase 9%, and Circle and BitMine roughly 9-10% on the day.
Why it matters: Roughly 70% of prediction market bettors had wagered on a Bitcoin drop to $55,000 just days before a 7%+ rally blew through every near-term threshold they were pricing. Short sellers absorbed $1.14 billion in liquidations in a single hour, and the move was triggered by a non-crypto macro event—the Treasury's bond buyback expansion—exposing how leveraged crypto positioning remains vulnerable to Treasury policy shifts.
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