Bitcoin Smashes Weekly Gain Record as Buyback Program Sparks FOMO

Bitcoin has recorded its largest weekly dollar-denominated gain in history, increasing by $14,264 to close at $77,387. This represents a 22.7% rise in just seven days.

The current rally was triggered by the U.S. Treasury Department's announcement of an expanded buyback program last week. As a result, investor apathy has given way to FOMO (fear of missing out), with the Crypto Fear & Greed Index standing at 78, on the cusp of 'extreme greed' and its highest level since December 2024.

U.S. bitcoin exchange-traded fund flows have also reflected improved sentiment, with spot bitcoin ETFs reporting $1.92 billion in total net inflows for the week ending August 21. This is the largest amount seen since October 2025's peak during the last bull cycle.

Matt Cole, Chairman and CEO of Strive, believes that the next Bitcoin cycle will be the strongest ever due to a growing hunt for scarcity in an AI-driven world of abundance. He notes that this structural force will drive more capital towards scarce monetary assets like gold, silver, and bitcoin.