Ether surged 18% over 24 hours to just above $2,250 in Asian morning hours Thursday, more than doubling bitcoin's move and taking its weekly gain to 20%, the strongest among the majors.
Bitcoin traded just above $69,100, up almost 8% on the day and 9% on the week, after touching nearly $69,900 overnight. That is a swing of more than $5,700 from Wednesday's low near $64,100.
Hyperliquid's HYPE was the largest single gainer, up over 19% to just under $70 and 24% on the week. Solana rose over 10% to $84.50 and 12% over seven days. XRP climbed 10% to $1.09, recovering the dollar level it lost on Tuesday for the first time since 2024, and is now up almost 10% on the week. Dogecoin added almost 8% to just under 7.5 cents.
Two majors lagged. BNB rose 3.5% to $626 but holds a weekly gain of just over 2%. Tron was nearly flat at 33 cents and is the only major lower on the week.
The move began Wednesday, when Treasury Secretary Scott Bessent at least doubled the size of the department's bond buyback operations, which traders read as support for liquidity in the $30 trillion-plus Treasury market.
Bitcoin rose 6% through the U.S. session and roughly $1.4 billion of short positions were liquidated in four hours as bearish traders scrambled to close.
Bonds extended the rally into Asia. The 30-year U.S. yield fell a basis point to 5.18% after sliding nine on Wednesday, and the 10-year dropped a similar amount to 4.63%.
A Bloomberg index of Treasuries maturing in 20 years or more jumped 1.7% on Wednesday, its biggest single-day gain since February 2025. Japanese, Australian and New Zealand bonds all rose.
Washington added to the mood. President Donald Trump, appearing alongside executives from Coinbase, Gemini, Ripple and Chainlink Labs at a White House event on Wednesday, urged Congress to advance the Digital Asset Market Clarity Act, calling for "a fair version" of the market structure bill that has been stuck in the Senate.
Watch whether ether holds above $2,200. It has climbed roughly 18% in a day from a level it had not cleared in weeks, and a move that fast on a liquidity headline rather than anything specific to Ethereum tends to give some of itself back.