Bitcoin and Gold Surge Together as Equities Fall

Crypto and gold prices surged last week as equities fell, prompting Wintermute to call it a 'debasement board.' The quant trading firm noted that Bitcoin's best week since March 2024 was triggered by the Treasury announcing it would at least double long-end bond buybacks.

This move cleared the short liquidation level and turned the short book into buyers. According to CoinGlass, a record $2.7 billion in shorts were liquidated across the price range from $63,000 to $79,000.

BTC ETFs took in $1.92 billion on the week, with BlackRock's IBIT capturing $1.33 billion. ETH ETFs added $693 million, with daily prints building from $31 million Monday to $220 million Thursday.