Bitcoin Rallies Past $79K as Washington and Wall Street Unite

Bitcoin surged past $79,000 on Friday as institutional buying and improving macro conditions merged with reduced regulatory risk in Washington. The surge came after U.S. spot Bitcoin ETFs attracted more than $1 billion over two days, a sign of renewed institutional demand.

Lacie Zhang, research analyst at Bitget Wallet, said the rally is driven by three forces: a supportive macro backdrop, declining regulatory risk, and stronger spot demand. She noted that the Treasury's expanded long-dated buyback plan weakened the dollar and revived the 'debasement trade' across Bitcoin and gold.

Julio Moreno of CoinShares said ETFs purchased roughly 7,500 BTC in a single day, their highest daily level since April. He added that similar periods of demand growth have historically been followed by a median 23% Bitcoin gain over the next two months.