Bitcoin Smashes Weekly Gain Record as Treasury Bond Buybacks Fuel Rally
Bitcoin and Ethereum have experienced significant gains this week, with Bitcoin's price increase marking its largest weekly gain in dollar terms in history. According to analysts at Milk Road, the U.S. Treasury's bond buybacks are driving the rally. Bitcoin has risen from around $64,000 to over $77,000 in less than 48 hours.
Nexo, a digital asset platform, offers a comprehensive solution for managing and preserving wealth. The company provides trade, earn, and borrow services under one roof.
Ethereum is also outperforming Bitcoin, with spot ETF inflows seeing their best single-day buying in 10 months. Analysts at Milk Road believe the current move bears resemblance to previous rallies that pulled the market out of bear markets in 2019 and 2022.