Bitcoin Soars to New Heights on Treasury Expansion and Institutional Inflows
Bitcoin's price surged by approximately 23% this week to approach $80,000, its best performance in nearly two years. The rebound was driven by a confluence of factors, including the U.S. Treasury's expansion of long-term bond repurchase scale and supportive cryptocurrency policy signals from the Trump administration.
The critical turning point for this rebound came on Wednesday when U.S. Treasury Secretary Bessent announced that the Treasury would at least double the scale of its long-term U.S. Treasury repurchase program, leading to a decline in long-term yields and an improvement in market risk appetite.
Net inflows into 13 U.S. spot Bitcoin ETFs exceeded $1 billion this week, on track to post the largest weekly inflow since January of this year. This indicates that beyond short covering, the market is gaining new actual buying support.
Geoffrey Kendrick, Head of Global Digital Asset Research at Standard Chartered, stated that for the first time this year, there is a risk that his year-end Bitcoin target of $100,000 may be 'too low'. However, analysts also cautioned that a significant portion of this rally has been driven by short liquidations.