Bitcoin Sees Largest Weekly Dollar Gain on Record as Buybacks and Clarity Act Boost Market

Bitcoin recorded its largest weekly gain in U.S. dollar terms last week, rising $14,775 from $62,818 to $77,593 between August 17 and 23. This growth, which represents a 23.5% increase, is the largest dollar move on record for the cryptocurrency.

The rally coincided with several macroeconomic and policy developments. Galaxy Research pointed to the U.S. Treasury's expanded buybacks of long-term bonds, which injected liquidity into financial markets, as well as President Donald Trump's public support for the CLARITY Act, a legislative proposal aimed at providing regulatory clarity for digital assets.

The CLARITY Act, if passed, would establish a clearer framework for classifying digital assets, potentially reducing uncertainty that has historically weighed on institutional participation. Treasury buybacks typically add cash to the financial system, encouraging investment in higher-yielding assets like Bitcoin.