Bitcoin just shattered a six-week slump, surging past $71,000 and triggering a historic $3 billion short squeeze — the biggest since 2021 — as bearish traders were forced to buy back their positions, fueling an unstoppable rally. The catalyst? The U.S. Treasury’s surprise bond-buyback plan, which stabilized yields and lifted risk assets. Then came Trump’s Bitcoin-friendly comments and news of potential U.S. regulatory approval for Hyperliquid — both adding momentum. In 24 hours, Bitcoin jumped 11%, Ethereum 19%, with Solana, XRP, and Dogecoin all hitting double digits. Market sentiment flipped from fear to greed, volumes exploded, and Bitcoin’s dominance surged — all while funding rates stayed calm, hinting that the usual post-squeeze leverage explosion hasn’t kicked in yet.
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