Crypto Surges as Bitcoin Tops $72,000 and Ether Rockets Nearly 20%; Sentiment Flips to "Greed"

The cryptocurrency market roared higher today in a broad, macro-driven rally that broke Bitcoin out of a six-week trading range and triggered the largest short liquidation event since at least 2021. Total market capitalization climbed roughly 7% to about $2.45 trillion, and the Crypto Fear & Greed Index flipped from "Fear" to "Greed" overnight, capturing a sharp reversal in mood after days of quiet, range-bound trading.According to data from CoinGecko, Bitcoin led the charge, breaking above $71,000 during the European session for the first time since June before reaching an intraday high of about $72,344, and it was last trading near $71,936, up roughly 11.5% over 24 hours from a session low around $64,996. Ether outperformed decisively, climbing about 20% to an intraday peak near $2,319 from a low around $1,928 before settling near $2,280, with the ETH/BTC ratio strengthening as capital rotated back toward the Ethereum ecosystem. XRP jumped about 18.6% to a high near $1.19 from a low around $1.015, Solana rose roughly 12.3% to an intraday top around $87.97, and BNB added about 6.7% to a high near $648.32. Hyperliquid's HYPE token was the standout gainer, surging about 22% to an intraday high near $74.32 from a low around $58.69.The advance was powered by a convergence of macro and structural catalysts. The U.S. Treasury, under Secretary Scott Bessent, said it would at least double long-dated bond buybacks to $4 billion, pulling the 30-year yield back from 5.337% — its highest since 2007 — and lifting risk assets. Sentiment was further boosted after President Donald Trump urged Congress to pass the Clarity Act at a White House crypto event, suggested the U.S. may buy sizable amounts of bitcoin, and signaled regulators are working on a compliant pathway for Hyperliquid; the SEC also advanced a "Regulation Crypto Assets" proposal exempting smaller token fundraising (reported thresholds around $5 million over four years and $75 million in twelve months). As the range broke, CoinDesk's Oliver Knight noted the move was "mechanical rather than narrative-driven," as roughly $3 billion of shorts were force-bought back into thin supply — with BTC accounting for $1.67 billion and ETH $1.14 billion of liquidations, and one trader reportedly losing $24 million on an ether short in seconds. Institutional demand reinforced ETH's leadership, with BeInCrypto reporting Ethereum ETFs drew about $189 million in net inflows, their biggest single-day haul in roughly ten months.Named analysts framed the rally as macro- and liquidity-driven. Analyst Pedro Fontes argued that if the world's largest debt market needs policy support to function, it strengthens demand for scarce, predictable assets not reliant on government-debt expansion — characteristics Bitcoin shares. Strive founder and CEO Matt Cole said the dollar index is in a long-term "structural downtrend," a backdrop he views as favorable for assets like Bitcoin. On positioning, CoinDesk's Senior Analyst James Van Straten, citing checkonchain data, noted BTC has reclaimed the short-term holder cost basis at $67,138 and its 200-day moving average at $68,969, with the next key level the "True Market Mean" at $75,689. Institutions positioned early: in Q2, Jane Street added more than $800 million in combined bitcoin ETF and MSTR exposure, BlackRock roughly $290 million, JPMorgan lifted its IBIT stake by $85.6 million, UBS's bullish IBIT call exposure surged 24-fold, and Paul Tudor Jones reversed a year-long trend to add 18.9% to his IBIT holdings. Several of these observers cautioned that squeeze-fueled moves can retrace sharply.