TREE NEWS reports: The total value of digital assets climbed back above $3 trillion for the first time since January, driven by a sharp bitcoin rally. CoinGecko data shows crypto market cap has risen by more than $740 billion since the US Treasury announced it would increase long-term bond buybacks last month. Leverage has built up alongside the gains, with Coinglass putting total perpetual futures open interest near $160 billion, the highest since late October.
Crypto Market Cap Tops $3 Trillion as Bitcoin Leads Rally
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AI take
The rally's timing matters: it is being framed as a response to Treasury buyback signals, which ties crypto beta to macro liquidity expectations rather than anything crypto-native. The more telling detail is the leverage build — perpetual open interest at its highest since late October suggests the move is increasingly funded by derivatives rather than spot accumulation. Whether that positioning unwinds quietly or forces a sharper repricing is the open question, and it is the piece worth watching rather than the headline market-cap level itself.
Generated by AI for reference only.
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