Bitcoin Just Triggered Its Biggest Short Squeeze in History! Is This It? | Truth Block

**Hurley** (0:00)
Bitcoin just rocketed past $72,000 and triggered the biggest short squeeze in its entire history. Over $3 billion dollars in short positions incinerated, more than a billion of that in a single hour. And it just closed above its 200-day moving average for the first time since last November, the line that marked the end of every bear market it's ever had. So is this it? Is the bull market finally back? Or is this the fake out that punishes everyone who chases it? Because the trigger wasn't a Bitcoin story at all, it was the US. Treasury. And that intervention already failed. And this morning, the Treasury Secretary told the world he has to make it bigger. This is TruthBlock, I'm Hurley, let's mine truth.
On Monday, right here on the show, I showed you Bitcoin coiled into the tightest trading range in its entire history, with leverage stacked on both sides. And I told you a spring wound that tight never stays still for long. Well, that didn't take long. But to understand what broke it, you have to stop looking at the Bitcoin chart. The story starts in the bond market. On Tuesday, the interest rate on 30-year US government debt topped 5.33%, the highest in 19 years. That's what it now costs America to borrow for 30 years. And it hasn't been that expensive since 2009
And that number terrifies Washington. Now with over $40 trillion in debt, every new dollar America borrows just got more expensive. And a rate that keeps climbing is the one thing this system can't survive. So on Wednesday morning at 8.15, the Treasury put out a press release. They are at least doubling their own bond buybacks.
From $2 billion per operation to at least $4 billion. And they called it, quote, liquidity support. Here's what a buyback actually is in plain English.
The government sells bonds to raise money. And those bonds trade on an open market. Lately, nobody wants the long-dated ones. So, the government walks in and buys its own bonds back. Which creates a buyer where there wasn't one and pushes the rate down. And the new money for it comes from selling more short-term debt. They're borrowing at the front end to prop up the back end. In short, the government has become its own customer. And the reaction was instant. Yields dropped, the dollar fell to its lowest since May, gold ripped to its highest since June, and Bitcoin went from $65k to over $69k in roughly 40 minutes.
Including a $2000 jump in a single minute. And that's when the shorts started getting wrecked. Over two days, more than $3 billion in short positions got wiped out across all of crypto. Roughly $1.8 billion of that was Bitcoin shorts alone. $1.4 billion yesterday and another $400 million so far today. Because it's still going as I record.
But the number that tells the real story is this. Across the same 24-hour window, long positions lost $263 million.
Shorts got destroyed 11 to 1 against longs. That's not a market that was positioned for this. That's a market leaning entirely one direction that got obliterated. Then yesterday evening, Bitcoin got a second push from a different direction entirely. Trump walked out of a White House meeting with crypto executives and a reporter asked him the question this space has been waiting two years on. Does the administration have any plans to accumulate sizable amounts of Bitcoin or other crypto?

**SPEAKER_2** (3:12)
Well, it's been talked about.

**SPEAKER_3** (3:13)
I think I'd probably rely on Paul and the whole group for that. He'll make a decision. You guys will make a decision.

**Hurley** (3:20)
And you'll let me know.

**SPEAKER_2** (3:21)
But certainly it's been talked about.

**SPEAKER_3** (3:24)
It's taken a lot of pressure off the dollar.

**SPEAKER_2** (3:27)
It's been very, very good for the dollar.

**SPEAKER_3** (3:29)
And I think if you came in with recommendations, two of you, if you came in with some recommendations, I would certainly listen.

**Hurley** (3:35)
It seems to be a pretty big subject.
Trump's response was about as non-committal as it gets, and it still moved billions of dollars. But he did say one thing that mattered. Crypto, in his words, has taken a lot of pressure off the dollar. It's been very, very good for the dollar, he says. Hold on to that, because we'll come back to it in a second. So the treasury stepped in, yields fell, and Bitcoin exploded. So the intervention worked, right?
No, it didn't. At 8.15 Wednesday morning, the 10 year sat at 4.68%.
On the announcement, it dropped to 4.63. Exactly 24 hours later, it shot up above 4.7, higher than before they ever intervened. And the 30 year gave back its entire decline. Seifedina Moose called it three hours in. The bond market wasn't impressed, barely moving three basis points. And James Lavish said it best this morning, bond market to Scott Bessent, you're gonna need a bigger boat. And that's exactly what happened next. Hours after the bond market handed back to every basis point, Bessent went on CNBC and said quote, we're going to increase the size of the buyback.