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Following
BNB 
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ETH 
SOL Bitcoin approached US$70,000, Ethereum surged 18%, and altcoin joined the crypto rally.
Bitcoin and Ethereum broke through strongly after several weeks of narrow trading. BTC once hit US$70,000, Ethereum rose nearly 18%, due to new liquidity, institutional capital inflows and short liquidations simultaneously impacting the market.
In the latest market, Bitcoin is trading at about US$69,400, an increase of more than 7% in 24 hours; Ethereum is trading at about US$2,250, an increase of about 18%. The trend is in sharp contrast to last week, when Bitcoin hovered around $63,900 and spot trading volume fell to its lowest level since 2019.
Altcoins did not lag behind, but followed closely behind. Solana recorded a double-digit gain in this round of gains, with BNB up about 4%. As funds spread from Bitcoin, the market value of the entire altcoin market rose by about 7%.
Treasury bond repurchase changes the liquidity pattern
The biggest macro catalyst comes from the U.S. Treasury Department. The department announced that it will double the maximum size of long-term repurchase operations on 10-to 30-year Treasury bonds from $2 billion to at least $4 billion starting September 9.
Immediately after the news was announced, long-term government bond yields fell and the US dollar weakened. The yield on the 30-year Treasury note fell to about 5.20%, and the yield on the 10-year Treasury note fell to about 4.65%, partially reversing previous bond market turmoil that had hit risky assets.
Cryptocurrency reacted violently because the market had been expecting continued tight liquidity. As Bitcoin broke through resistance, more than $1.2 billion in short crypto positions were cleared within an hour, forcing short sellers to cover their positions in an already rising market.
ETF demand and Washington factors boosted
Before the breakthrough, institutional demand had begun to improve. Farside's spot Bitcoin ETF flow tracker showed net inflows of $297.5 million on August 17 and $189.3 million on August 18, reversing redemption pressures that dominated the market earlier this summer.
Ethereum Fund recorded net inflows of US$30.9 million and US$71.4 million respectively on the same two trading days. Ethereum has also benefited from increased engagement on the chain-from August 8 to August 16, the number of new ETH addresses per day soared by 75%.
Washington also provided support for buying sentiment. The U.S. Securities and Exchange Commission has now proposed special cryptocurrency fundraising rules with annual exemptions of up to $75 million; meanwhile, President Donald Trump urged Congress to promote broader market structure legislation at a White House meeting with cryptocurrency executives on August 19.
This regulatory boost comes as the CLARITY Act's forecast market probability has plummeted to just 20%, making institutional rulemaking a more direct policy catalyst.
Ethereum led the gains, the breadth of altcoins expanded
Ethereum's outstanding performance was the strongest signal that the rally had surpassed the single squeeze of Bitcoin. ETH broke through $2,100 from below $2,000 and rose to above $2,250 in a single trading day, while Bitcoin's dominance remained around 56%.
The total market value of cryptocurrencies rose by about 7% in 24 hours, and the market value of altcoins expanded at a similar rate. This breadth sets this trend apart from several Bitcoin rallies in early 2026, when smaller assets failed to participate.
Altcoins are more involved in this rally, but Bitcoin still controls most of the market's liquidity and momentum. Wednesday's accelerating upside was amplified by severe short squeeze, so continued gains in ETH, SOL and other large-cap tokens will increasingly rely on new spot purchases rather than forced liquidations.
As of Thursday morning, Bitcoin was trading at around $69,400 after briefly touching $70,000; Ethereum was holding steady at around $2,250 after its biggest one-day gain in months.
