Bitcoin Rockets Past $71K as Treasury Buybacks Trigger $3B Short Liquidation Cascade

Bitcoin broke through $71,800 and Ethereum surged past $2,280 following Treasury Secretary Scott Bessent's announcement doubling long-term bond buybacks-an action markets interpreted as a currency debasement event rather than a growth signal. The move triggered the largest short liquidation cascade on record, wiping out over $3 billion in bearish positions as President Trump's White House push for Clarity Act passage added regulatory momentum. We break down why this rally looks different from typical risk-on moves, what Bitcoin ETF inflows of $517 million signal for institutional positioning, and the massive technical breakout now targeting $76,000. Plus: HYPE surges 21% on Trump's Hyperliquid comments, Coinbase and crypto equities spike double-digits, and why market structure-from stablecoin liquidity to funding rates-suggests this breakout has legs beyond forced liquidations. Critical intel for traders navigating the intersection of macro policy, regulatory catalysts, and crypto momentum.