Reviewing the Full Process of Trump's V-Shaped Crypto Reversal
- Bitcoin and Ethereum spot ETFs recorded net inflows before the rally, which helped provide a supportive market base.
- The SEC floated a proposed framework for crypto assets on August 18, including fundraising pathways and a conditional safe harbor.
- The U.S. Treasury announced a larger buyback cap for 10- to 30-year Treasury bonds, after which long-end U.S. yields fell and BTC and ETH moved higher.
- Bitcoin open interest rose early in the move, then declined during the later leg, consistent with a shift from new leveraged longs to short covering.
- A White House crypto meeting later that night featured Trump, major crypto firms, and regulators, while prices continued rising.
- By the next morning, roughly 174,000 traders had been liquidated and total crypto liquidations were about $2.98 billion, with short liquidations far exceeding long liquidations.
The report says Bitcoin and Ethereum had already seen steady support from spot ETF inflows before the sharp move. It also notes that the SEC had floated a crypto asset framework on August 18, but that announcement did not immediately start the rally.
The main trigger described in the article was the U.S. Treasury’s decision to raise the buyback cap for 10- to 30-year Treasury bonds. After that announcement, long-end U.S. yields fell and Bitcoin and Ether began to rise, which the piece presents as a positive backdrop for risk assets, including crypto.
The article then describes a stronger advance as leveraged trading picked up, followed by a short squeeze. It says Bitcoin open interest rose early in the move and later declined as prices kept climbing, suggesting short covering became a larger part of the rally.
A White House crypto meeting later in the night is presented as confirmation of a crypto-friendly policy stance rather than the original spark. By the following morning, the article says liquidations had reached about $2.98 billion, led by short positions, which is broadly supportive for crypto prices in the short term and neutral to mildly negative for Treasury yields and the broader risk-asset backdrop.
回顾特朗普加密政策V形反转的全过程
报道称，在价格快速拉升之前，比特币和以太坊现货 ETF 已经连续出现净流入。文中同时提到，8月18日 SEC 提出了加密资产相关框架，但这一消息并不是行情立刻启动的直接起点。
文章认为，真正点燃行情的是美国财政部提高 10 至 30 年期国债回购上限的决定。消息公布后，长端美债收益率下行，比特币和以太坊同步走强，报道将其视为对风险资产较为有利的背景。
随后行情进一步加速，杠杆资金开始增加，之后出现明显的空头挤压。文中称，比特币未平仓合约在上涨初期增加、后段回落，说明市场结构从新开多头推动逐步转向空头回补。
报道还提到，白宫晚些时候举行的加密会议更像是对既有友好政策立场的再次确认，而不是最初的引爆点。到次日上午，文章称全市场清算金额约为 29.8 亿美元，空头被强平的规模明显更大，对加密市场短线情绪偏利好。