After a macro tailwind emerged, coin prices kept rising, squeezing out shorts; more than $281 million in shorts were forced to close. The macro tailwind, combined with short covering, jointly drove this rebound.

Bitcoin stabilizing boosted major altcoins such as Ethereum and Solana; Ethereum is up 12% over the week. The Altseason Index rose to 52, hitting a three-month high. It just broke through the sentiment watershed, which only indicates a slight rebound in risk appetite—most small-cap coins remain sluggish, and a full-scale altcoin bull market has not yet appeared.
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