Bitcoin Soars Past $80k Amid Debassement Trade Narrative

Bitcoin (BTC) saw its largest weekly gain in dollar value for the week ending August 23, rising by $14,775. This increase put it at a 41st place ranking of percentage gains in BTCUSD history, with a +23.5% rise.

The surge came during a period of low volatility, with both realized and implied volatility printing near all-time lows. The return of the debasement trade narrative, sparked by Treasury Secretary Scott Bessent's announcement to expand bond buybacks on the long end, contributed to the rally.

Bitcoin is now trading above $81,000, approaching its 50-week moving average, currently at around $81,795. If it manages to close a weekly candle above this level, history suggests that the bear market may be over.