Bitcoin climbed to $72,757 as part of a short squeeze cascade amplified by roughly $3 billion in forced short liquidations. VanEck’s head of digital asset research Matthew Sigel attributes the rally to concerns over US fiscal policy rather than pending crypto legislation. The US Treasury doubled its long-dated bond buyback ceiling from $2 billion to at least $4 billion per operation, compressing yields and triggering a broader risk-on rally. Sigel views Bitcoin as one of the best hedges against US Treasury debt management, though its track record as a hedge remains mixed, with high correlation to US equities during both the 2020 COVID crash and the 2022 rate-hiking cycle.
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