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Bitcoin Tops $68,000 After Bigger Treasury Buybacks

The doubling of U.S. Treasury buybacks fueled expectations of more liquidity, with sharp moves in Bitcoin, Ether, and Solana and $1.4 billion in short liquidations.

By Luc Vesters
• 2 min read
Bitcoin Tops $68,000 After Bigger Treasury Buybacks

Key Takeaways

  • Bitcoin rose above $68,000 on Wednesday, about 6% higher than 24 hours earlier.
  • The move followed Treasury Secretary Scott Bessent doubling U.S. bond buyback operations.
  • Ether, Solana, and crypto stocks also climbed; according to CoinGlass, $1.4 billion in short positions were liquidated in four hours.

Bitcoin climbed above $68,000 (€58,600) during Wednesday morning trading in the U.S. That put the price about 6% higher than 24 hours earlier, after U.S. Treasury Secretary Scott Bessent doubled the size of bond buyback operations. Investors saw that as a sign that liquidity in the large U.S. bond market could get support, and that boosted risk appetite in the crypto market.

Crypto Reacts to Liquidity

The move was not limited to Bitcoin. Ether, Solana, and several altcoins rose more sharply, while crypto stocks also turned green. Bullish climbed nearly 13% and Coinbase gained 11%. At the same time, according to CoinGlass, about $1.4 billion (€1.2 billion) in short positions were liquidated in four hours, as traders were forced to close their bearish bets.

Gold also reacted strongly to the news. The precious metal rose 2.7% to $4,528 (€3,900) per ounce, its highest level since early June. That fits a broader move in which investors are looking for both protection and assets that benefit from a looser liquidity environment.

Ether and Solana Lead the Way

Ether did better than Bitcoin on Wednesday and rose 8.44% to $2,084 (€1,800), its highest level since May 27. Solana gained about 7% and reached $82 (€71). Open interest in ETH trading pairs first rose from $11.7 billion (€10.1 billion) to $13 billion (€11.2 billion), before slipping back to $12.5 billion (€10.8 billion). That suggests many traders had built up long positions ahead of time, after which some of them were unwound or pushed out of the market.

Why This Matters for Europe

For European crypto investors, this move shows how quickly U.S. policy decisions can ripple through the crypto market. Treasury buybacks are small compared with the total U.S. debt market, but they can still affect sentiment around liquidity and risk assets. That makes this kind of macro news relevant for price moves in Bitcoin, Ether, and Solana even outside the U.S.

Bitcoin had already tested the area around $68,000 (€58,600), where the rally could stall if volume does not pick up, according to market watchers.

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