Bitcoin climbed more than 5% to $67,569 on the day as a broad short-covering rally swept the market. A wave of recently liquidated short positions contributed to the move, signaling a short squeeze. The rally lifted risk assets broadly.
Ethereum surged about 10% to $2,000, with Solana, Dogecoin, Cardano, and Chainlink also posting similar gains. Crypto Fear & Greed Index had trended in Extreme Fear for most of the month but improved on the rebound.
Fresh inflows into the U.S. spot Bitcoin ETF totaled around $257.7 million on the 25th. The Coinbase Premium Index turned positive for the first time in 40 days, signaling renewed buying interest from institutions and retail buyers. Bitcoin derivatives funding remained neutral or below, implying the rally was driven more by unwinding rather than excessive leverage.
Crypto equities rose as well, led by Circle jumping about 20% on strong quarterly results, while Coinbase, MicroStrategy, and Galaxy Digital gained roughly 5–6%. Mining stocks like BitFarms, BitDeer, and Marathon Digital advanced about 7–10%. Markus Thielen of 10x Research noted hedge funds had built crypto shorts, which were unwound during the rally. The S&P 500 and Nasdaq-100 rose about 0.6% and 1.1%, respectively, underscoring broader risk-on sentiment.
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