Bitcoin Surges 23% as Treasury Bond Buybacks and Crypto Regulation Push Prices Near $79,000
Bitcoin surged over 23% last week to trade near $79,000, its best weekly performance since the 2023 banking crisis.
The rally was driven by a combination of factors, including a U.S. Treasury decision to double long-term bond buybacks, weakening the dollar and lowering yields, as well as a White House push for crypto regulation.
A massive short squeeze liquidated roughly $4 billion in bearish positions over two days, forcing traders to buy back in and accelerating the advance.
BlackRock's iShares Bitcoin Trust (IBIT) led inflows with a single-day record of $606.3 million, with total assets under management across Bitcoin and Ethereum ETFs jumping roughly $23.3 billion for the week.
Analysts cautioned that consolidation may follow the rapid rise, with $80,000 as the next key test, but Strategy's holding has already pushed back into profit after not making any purchases or sales during the rally.