Late at night, the crypto market experienced a strong surge. Bitcoin broke through $72,000 in one go, setting a record for the largest single-day short liquidation. The total short liquidation over two days reached $3.1 billion, igniting market sentiment directly. The biggest driver behind this rally is U.S. Treasury bonds. On one hand, U.S. Treasury Secretary Janet Yellen signaled that the scale of Treasury repurchases could exceed $4 billion, stating that Treasury yields have already detached from fundamentals. The market expects the Treasury to intervene to stabilize the bond market. With Treasury yields falling and the dollar weakening, risk assets have gained upward momentum. On the other hand, Huang Licheng is 25x long on 20,400 $ETH, 40x leveraged long on over 80 $BTC, and 10x leveraged long on 133,000 $HYPE, with total unrealized profits reaching $4.3 million. It can be seen that big players are betting on this rebound. ETH is also strengthening in tandem, with the ETH/BTC ratio reaching a yearly high. HYPE's recent popularity is picking up. Institutional Bitcoin ETFs continue to see large inflows, indicating that capital is flowing back into the crypto market. But despite the excitement, blind optimism is unwarranted. Much of this rally is a passive surge caused by short liquidations and is expectation-driven. Treasury repurchases are only a relief measure and cannot solve the root cause of the massive U.S. fiscal deficit. If yields rise again later, the market could easily see a pullback. Meanwhile, uncertainty over the September crypto bill vote still looms. As of 08/21 02:00, the top 10 net capital inflows and outflows ranking: Net inflows TOP 10 (from largest to smallest) 1. $BTC