Bitcoin extended its rally on Friday, punishing traders who had bet against it and wiping out more than $1 billion in bearish positions.

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.