Bitcoin’s largest single-day gain since March follows U.S. Treasury’s decision to double long-bond buybacks to $4 billion.
Bitcoin climbed as much as 8.7% to an intraday high of $69,749 on Wednesday, marking its sharpest rally since March 4 and its highest level since June 1. The move erased over $1 billion in short positions within an hour, flipping market sentiment from bearish to neutral on prediction platforms like Myriad.
The surge followed the U.S. Treasury’s announcement to double its long-bond buybacks from $2 billion to $4 billion per operation starting September 9. Lower long-end yields and a weaker dollar typically boost risk assets, reducing the opportunity cost of holding non-yielding assets like Bitcoin.
Prediction markets shifted rapidly, with odds moving from a 70-30 bearish bias to a near coin flip within 24 hours. The rally reflects broader macroeconomic conditions rather than crypto-specific catalysts.