Crypto Assets market liquidates 258 million dollars in short positions! Two major "bullish" factors in the United States stimulate the rise of Bitcoin, Ethereum, and Ripple.

Driven by the tariff agreement between the United States and Vietnam, as well as the increase in global M2 Money Supply, Bitcoin (BTC) rebounded above $108,800 today (3rd), with open interest (OI) surging to 689,780 BTC, valued at approximately $75 billion. The overall Crypto Assets market also rose alongside BTC, with major alts such as Ether (ETH), Ripple (XRP), and Solana (SOL) increasing by 7%, 3%, and 4% respectively.

Two Major "Bullish" Factors in the U.S.: Vietnam Trade Agreement and Surge in M2 Money Supply

The cryptocurrency market rebounded on Wednesday, rising by 2% to return to a market capitalization of 3.5 trillion dollars. This increase occurred after President Donald Trump announced on Wednesday that the United States had reached a trade agreement with Vietnam, which will eliminate certain tariffs previously imposed on Vietnamese export products.

Trump stated that according to the agreement, products exported from Vietnam to the U.S. will be subject to a 20% tariff, while goods "transshipped" to the U.S. will face a higher tariff of 40%. He also pointed out that Vietnam will open its market to the U.S., implementing zero tariffs on all products exported from the U.S.

President Trump wrote in a post on "Truth Social" on Wednesday: "In other words, they will open the market to the United States, which means we will be able to sell our products to Vietnam at zero tariffs."

This development triggered a pump in Bitcoin, which rose by 3% in the past 24 hours. According to data from Coinglass, this increase pushed Bitcoin above $109,000, just below its historical high of $111,970, driving its open interest (OI) from 651,660 BTC to 689,780 BTC. Open interest refers to the total value of outstanding contracts in the derivatives market.

(Source: Coinglass)

The rise of Bitcoin may also be attributed to the increase in the M2 money supply in the United States. According to The Kobeissi Letter, the M2 money supply in the U.S. increased by 4.5% year-on-year in May, reaching a high of $21.94 trillion. This increase marks the 19th consecutive month of growth for the M2 money supply in the U.S., surpassing the historical high of $21.86 trillion set in March 2022.

M2 is an indicator that measures the global economic money supply, tracked by central banks of various countries, including cash available for consumption and investment, checking deposits, savings accounts, and certificates of deposit.

Bitcoin typically lags behind changes in the global and US M2 Money Supply by three to six months. Currently, the global M2 Money Supply is three months behind Bitcoin, which suggests that this top crypto asset may continue to pump in the coming months.

(Source: ZeroHedge)

Meanwhile, Bitcoin broke through $109,000, triggering a rebound in alts, with Ethereum, XRP, and Solana increasing by 7%, 3%, and 4% respectively in the past 24 hours. The overall altcoin market has also seen considerable gains, with most of the top 100 tokens rising by more than 7%.

Coinglass data shows that in the past 24 hours, the surge in the crypto assets market has triggered $320.6 million in liquidations, including $62.8 million in long liquidations and $258.5 million in short liquidations.