The value of the first cryptocurrency has exceeded $80,000 for the first time since mid-May, showing the biggest weekly gain in the last three years. The asset's growth comes against the backdrop of macroeconomic decisions in the US, statements by politicians and record capital inflows into spot ETFs.
The value of the first cryptocurrency has exceeded $80,000 for the first time since mid-May, showing the biggest weekly gain in the last three years. The asset's growth comes against the backdrop of macroeconomic decisions in the US, statements by politicians and record capital inflows into spot ETFs.
As Bloomberg notes , on Tuesday during Asian trading, the bitcoin rate reached $81,257. The impetus for this was the price increase of 23% over the past week. The rapid rise in collateral took many traders by surprise: according to analysts, the market was forced to liquidate short positions (bets on the decline) worth about $7.2 billion.
Experts say a key factor in the growth is renewed interest in inflation hedging instruments. Last week, US Treasury Secretary Scott Bessant announced an increase in the purchase of long-term bonds to reduce their yields, which provoked another round of dollar sales.
“The macroeconomic backdrop has become more favorable after the US Treasury’s expanded buyback plan helped weaken the dollar and revive bearish trading for both Bitcoin and gold,” explained Bitget Wallet researcher Lacey Zhang.
The market received an additional boost after US President Donald Trump met with crypto industry leaders. The politician called on the Senate to pass a landmark bill on market structure (Clarity Act) after returning from the August holidays. At the same time, 13 US spot Bitcoin ETFs recorded a record 10-month net inflow of funds - over $1.92 billion per week, to which another $337 million was later added.
Despite the positive dynamics, experts remain cautious, pointing out that the main driver of the rise was short squeeze (mass closing of unprofitable positions). Bitfire Research Director Allen Ding notes that the asset's breakout demonstrates certain characteristics of an early bull market, but it should not yet be considered a confirmed trend.
“The immediate test is whether spot demand can replace short covering as the primary source of momentum. If institutional participation, regulatory progress, and capital rotation continue to reinforce each other, the current movement could be the beginning of a new market cycle,” Ding emphasized.
