Bitcoin rose about 23% over the past week, its strongest weekly performance since the rally that followed the November 2024 U.S. election. K33 and Bitwise analysts said the historic short squeeze and macro changes stemming from U.S. Treasury Secretary Scott Bessent’s push for bond-market intervention could signal a broader bull-market reset after months of weakness. Rising activity accompanied the move: spot and perpetual-futures trading volume across the crypto market increased 188%, while Bitcoin futures volume at CME (Chicago Mercantile Exchange) climbed 152%. The annualized basis reached 11.1%, its highest level since January 2025.