Buyback Expansion Ignites Broad Crypto Rally

The long-awaited volatility expansion arrived decisively to the upside after a policy announcement signaled willingness to support the long end of the yield curve. Bitcoin gained roughly 7%, Ethereum surged nearly 20% at its peak, and select high-conviction tokens rallied more than 20% — all consistent with the thesis that historically compressed realized volatility was a coiled spring waiting to release.