Amid a crowded cluster of bearish leveraged cryptocurrency bets, a record $2.70 billion for that matter, a massive short liquidation event (the largest since 2021) led to a sharp rise in Bitcoin (BTCUSD) prices last week. After the rally, Bitcoin closed Friday’s trading session over $77,000, going above the prolonged slump it had been in since October 2025. Crypto trading platform Coinbase Global (COIN) also rallied sharply over the past five days on the Bitcoin surge, as the platform’s stock price closely follows the digital currency’s ebbs and flows.
The rally was fueled by the Treasury's announcement that it plans to double its purchases of longer-dated government bonds, which briefly pushed yields lower and helped reignite demand for risk assets such as Bitcoin and safe-haven assets like gold. Last week, President Donald Trump hosted crypto executives on Wednesday in the Roosevelt Room at the White House, including Coinbase CEO Brian Armstrong.
