Cryptocurrency exchange-traded funds experienced broad gains on Thursday, with digital asset prices catapulting higher following a combination of policy signals and market dynamics.

ChinaAMC Ethereum (03046) jumped 17.29% to HK$5.29, while Harvest Bitcoin (03439) advanced 8.02% to HK$8.49 and ChinaAMC Bitcoin (03042) climbed 7.32% to HK$8.435 at the time of writing.

The catalyst behind the surge stems from the US Treasury's announcement to expand its bond buyback program, which sent long-term Treasury yields tumbling and pushed the US dollar index sharply lower. Adding further momentum, former President Trump convened a meeting at the White House with prominent cryptocurrency industry executives, urging Congress to expedite legislation establishing a market structure framework for digital assets. Trump also indicated he would consider regulatory recommendations regarding additional government acquisitions of bitcoin.

These developments propelled bitcoin to an intraday gain of 8% on Wednesday, marking its largest single-day advance since March, as the token reclaimed the $69,000 level for the first time since June. Ethereum outpaced the market with a 17% surge, climbing back above the $2,200 threshold.

Notably, this rally ignited the most substantial short-covering event on record since 2021. Data from Coinglass revealed that over $1 billion in bitcoin short positions were liquidated within a single hour, underscoring the extraordinary velocity of this price reversal.