Six weeks of compression ended in the largest short liquidation event since at least 2021, with $3 billion of bearish bets forced to buy back into thin supply.

Bitcoin rose above $68,000 and ether gained 9% after the U.S. Treasury doubled long-end bond buybacks, forcing $1.91 billion of liquidations, 91% of them shorts.

Bitcoin surges 6% above $68,000, triggering a record $1.2B short liquidation as Treasury liquidity fuels the breakout.