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A rally that caught shorts off guard, a transparency milestone years in the making, and a pre-IPO market that underestimated demand. Here’s what happened this week:
quick weekly news
Bitcoin surges above $72K, liquidating $1.4 billion in shorts as Treasury buybacks boost risk appetite
Bitcoin jumped above $72,000 during U.S. morning hours on Thursday, gaining about 11% over 24 hours after Treasury Secretary Scott Bessent doubled the size of its bond buyback operations, a move investors read as a potential liquidity backstop for the $30T+ Treasury market.
Source: goodcryptoX
The rally was broad. ETH rose 21.44% to $2,335, its highest level since May 27. SOL gained 13% to $87. Crypto stocks followed: Bullish led with nearly 13%, and Coinbase added 11%. Gold jumped 2.7% to $4,528, a new high since early June.
With $72K in view, about $1.4B in short positions were liquidated in just four hours as bearish traders scrambled to cover. ETH open interest spiked from $11.7B to $13B before pulling back to $12.5B, a sign of leveraged longs piling in as shorts were forced out.
Source: CoinGlass
The rally came hours before Trump was scheduled to meet with crypto and prediction market executives alongside SEC Chair Paul Atkins, CFTC Chair Mike Selig, and representatives from Nasdaq, the NYSE, CME Group, and the DTCC.
HYPE jumps 22% after Trump says the CFTC is working to bring Hyperliquid to the U.S
HYPE surged 22% after President Trump said Wednesday that CFTC Chair Mike Selig is actively working on a way to bring Hyperliquid into the U.S. in a “fully compliant and legal fashion.”
Source: goodcryptoX
Trump made the remarks at a White House event attended by Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Robinhood CEO Vlad Tenev, and leaders from Nasdaq and Intercontinental Exchange.
Hyperliquid is best known for perpetual futures, contracts that let traders bet on asset prices without owning them, with no expiration date and no traditional broker required. Its growth earlier this year put a spotlight on a market long dominated by offshore exchanges, drawing attention from U.S. venues looking to capture some of that volume domestically.
Bringing Hyperliquid onshore would be a different challenge than clearing individual products. U.S. derivatives exchanges face strict registration, customer protection, and oversight requirements that have kept most crypto platforms from serving American users directly. Trump didn’t specify what an onshore version would look like or what approvals it would need, but his comments suggest the CFTC is at least exploring whether one of crypto’s largest perpetuals venues can operate within the U.S. regulatory system.
Tether completes its long-promised Big Four audit of the finances behind $180 billion USDT
Tether has completed a full financial audit for the first time, delivering on a transparency commitment it had been promising for years.
Source: X
KPMG U.S. audited Tether International’s financial statements for the year ending December 31, 2025, and issued an unqualified opinion, meaning the firm found the statements fairly presented Tether’s financial position, results, and cash flows under U.S. GAAP. The statements showed Tether’s reserves exceeded liabilities by $6.814B at year-end. A KPMG spokesperson confirmed the opinion but declined to comment further, citing client confidentiality.
The audit goes significantly further than the quarterly attestations Tether has published since settling with the New York Attorney General’s office. Attestations check specific information at a given date; an audit takes a broader look at transactions, assets, liabilities, income, cash flows, and the evidence behind them. KPMG also physically counted and inspected Tether’s gold bars.
The stakes are real. USDT has grown to over $180B in market cap, making Tether one of the largest buyers of U.S. government debt. Concerns about its backing have surfaced repeatedly as a potential systemic risk, a debate so familiar in crypto that it earned its own shorthand: “Tether FUD.” Whether this audit puts that debate to rest remains to be seen, but it’s the most rigorous public accounting the company has ever submitted to.
“For years, some detractors said an audit of Tether could not be completed,” CEO Paolo Ardoino said.
Unitree’s IPO surges 600%, leaving crypto traders’ premarket bets in the dust
Crypto traders spent days pricing Unitree Robotics at more than four times its IPO valuation before the Shanghai listing. The stock opened even higher than that.
Unitree, a Hangzhou company that makes humanoid and four-legged robots, opened at 1,100 yuan on Wednesday, 629% above its IPO price, valuing the company at around $66B at first trade. A synthetic Unitree perpetual futures contract on Hyperliquid traded around 92-94 last week, implying a valuation near $38B. The actual opening came in roughly 75% above even that already-bullish estimate.
Source: goodcryptoX
The contract is a cash-settled, perpetual contract listed by an outside developer, xyz.trade, using Hyperliquid’s infrastructure, trading around the clock with up to 10x leverage. It gives investors a place to position ahead of a listing before the exchange opens, and this week showed both the promise and limits of that mechanism. Crypto traders correctly spotted an IPO that looked underpriced. They just didn’t go far enough.
It’s the second big test for crypto pre-IPO markets this summer. SpaceX gave them an early win; futures priced it at around $170 a share the night before the listing, and it closed at $161 on day one. Unitree showed the other side: crypto traders were bullish, the public market was even more so.
Unitree shares pulled back from the 1,100 yuan open and were recently trading around 884 yuan, still nearly six times the IPO price.
RSI explained – the indicator every serious trader should understand
Most traders have heard of RSI. Far fewer know how to read it correctly, when to trust it, when to ignore it, and how to combine it with other signals for higher-probability trades.
Here’s what the full guide covers:
- Overbought and oversold signals: why crossing 70 or 30 isn’t a trade signal on its own, and when it actually is;
- Divergence and convergence: one of RSI’s most powerful signals, how to spot it, and what it tells you about momentum before price confirms it;
- RSI trading strategies: how to use overbought/oversold levels in ranging markets and how to trade divergence with a proper stop loss setup.
The full breakdown, with real chart examples, is right here 👇
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top crypto meme of the week
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