A combination of larger Treasury buybacks, heavy ETF inflows and a weakening dollar helped spark a major breakout across crypto markets.
Bitcoin posted a 23.6% weekly gain, marking one of its strongest performances in several years.
BTC climbed from around $62,000 to nearly $79,500 before giving back some gains and ending the week close to $77,000. It was Bitcoin’s second-strongest weekly advance since February 2021, behind only the surge that followed the Silicon Valley Bank crisis in March 2023.
Ether delivered an even bigger move, gaining 31.3% as it jumped from below $1,900 to above $2,520 before slipping back under $2,500.
The sharp rally came after months of relatively quiet trading. Crypto markets had spent much of that period consolidating, volatility had fallen to subdued levels and investors had continued accumulating assets.
That prolonged consolidation left prices primed for a decisive move once a major catalyst appeared. The trigger came after Treasury Secretary Scott Bessent announced an expansion of Treasury buybacks, which helped push both bond yields and the dollar lower and improved conditions for risk assets.
Spot ETFs listed in the U.S. provided additional support. Bitcoin ETFs recorded $1.92 billion in weekly net inflows, their biggest total since Oct. 10, when Bitcoin was trading near its then-record levels. Ether ETFs attracted $697 million, their strongest weekly inflow since early October 2025.
Bitcoin and Ether also moved above their 200-day simple moving averages, a widely watched measure of longer-term market direction. Their 50-day averages are beginning to trend upward as well, raising the possibility of a golden cross, where the 50-day average moves above the 200-day average and is commonly regarded as a bullish signal.
The latest rally has also revived discussion around the “debasement trade,” which refers to buying scarce assets such as Bitcoin and gold as a hedge against declining fiat purchasing power caused by debt expansion, money creation or persistent inflation.
Gold has strengthened alongside crypto, climbing above $4,600 and gaining 15% over the past month. The metal is now trading above its 200-day moving average of $4,504.
Meanwhile, the U.S. Dollar Index, which tracks the greenback against a basket of major currencies, has fallen to 98.9, below its 200-day average of 99.1.
The combination of falling yields and a weaker dollar has provided an additional boost to Bitcoin, gold and other risk-sensitive investments.
