Bitcoin Surges Past $78K as Treasury Buybacks Ease Bond Market Stress

Bitcoin's price surged to $78,381 on Coinbase on Thursday, marking its highest level in over three months.

The move was driven by a confluence of macro catalysts and thinning sell-side pressure, as the U.S. Treasury doubled buyback sizes for long-duration debt, easing bond market stress and lifting risk assets broadly.

Macro economist Lyn Alden noted that bitcoin investment sentiment has been weak in recent months, but sees few remaining triggers for further declines.

Alden pointed to significant outflows of short-term 'fast money' and noted that market participants see a low likelihood of additional selling by Strategy, which runs a bitcoin treasury operation.