Crypto extends gains after biggest 3-day rally since 2023
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- Bitcoin rose 2% to just under $80,000 on Monday, levels not seen since May, capping a 20%+ three-day surge — the largest such rally since 2023.
- Ether climbed 2% to about $2,500, its highest level since January, tracking bitcoin's lead.
- The US Treasury said it would double purchases of longer-dated government bonds, pushing yields lower and reviving demand for risk assets including bitcoin and gold.
- Spot bitcoin ETFs pulled in $1.92 billion last week — their largest weekly inflow since October — while more than $4 billion in bearish crypto positions were liquidated during the squeeze.
- Crypto treasury stocks tracked higher: Strategy gained 2%, Strive rose 4%, and ETH treasury names Bitmine and Sharplink added 3% and 2%.
- Bridgewater Associates founder Ray Dalio warned of a potential debt crisis within several years and recommended investors hold "a bit" of bitcoin, reinforcing the bullish narrative.
- BTIG's Jonathan Krinsky noted bitcoin made a similar 20% three-day breakout above its downtrend in January 2023, but that rally faded back to the 200-day moving average before finding support.
Why it matters: Bitcoin's rally combines a macro catalyst (Treasury doubling bond purchases pushed yields lower), $1.92B in spot ETF inflows, and $4B in short liquidations. BTIG's Krinsky warned bitcoin's January 2023 breakout looked identical before fading to its 200-day moving average — making the durability of this move, ahead of a seasonally bullish period, the open question for traders.
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