Bitcoin set for biggest weekly gain in more than two years

Bitcoin is still far below its October high above $126,000, which preceded a steep drop that pushed the price down to $58,642 by the end of June.
| Photo Credit:
Dado Ruvic

Bitcoin kept gaining momentum in Asian markets on Friday, positioning itself for its strongest weekly rise in over two years.

Key Takeaways

• Bitcoin surged up to 4.2% to $75,740 in Asian trading, on track for its biggest weekly gain in over two years.
• The token climbed nearly 20% for the week, its strongest pace since March 2024.
• The rally followed US Treasury Secretary Scott Bessent’s announcement to at least double the long-dated bond repurchase program.
• Bitcoin remains well below its October high above $126,000, having fallen to $58,642 by end-June.

The leading digital currency surged up to 4.2% to reach $75,740, hovering near $74,500 at midday Singapore time. It has climbed almost 20% this week, a pace that, if maintained, would mark its largest weekly advance since March 2024.

Optimism returned to crypto assets after U.S. Treasury Secretary Scott Bessent announced on Wednesday that the department would at least double its long‑dated bond repurchase program, sparking a rally that compelled traders to unwind billions in short bets. The same day, President Donald Trump held a meeting with cryptocurrency executives, further bolstering confidence.

“The main catalyst was the Treasury’s decision to double long‑dated bond buybacks, which drove down long‑term yields and boosted overall risk appetite,” noted Rachael Lucas, analyst at BTC Markets. “While Bitcoin’s long‑term thesis remains unchanged, its propensity for sharp swings has not either.”

According to Adam Morgan McCarthy, lead researcher at LO:TECH, a London‑based firm specializing in digital‑asset liquidity and market data, a continuing short squeeze is fueling Bitcoin’s ascent. Coinglass data shows that more than $2 billion of bearish Bitcoin positions in perpetual futures have been liquidated since August 19.

“Gold provides this week’s genuine macro indicator: it rose cleanly on the Treasury’s expanded bond‑buying, without the forced buying that has been inflating Bitcoin’s price,” McCarthy added. “If you want to see where investors are actually hedging against currency and inflation risks this week, look to gold, not Bitcoin.”

Trump’s gathering, which featured leaders from Coinbase Global Inc. and Payward Inc., was interpreted as a positive sign of the administration’s support for crypto. Trump urged the Senate to approve the Clarity Act, a crypto market‑structure bill that stalled amid disputes over ethics provisions. The legislation never reached a vote before the Senate’s August recess.

Institutional interest returned this week, with U.S.-listed spot Bitcoin exchange‑traded funds on course for their biggest weekly inflows since January. The thirteen ETFs together attracted more than $1 billion from Monday through Wednesday.

“The Trump crypto meeting, momentum behind the Clarity Act, and strong ETF inflows added to the bullish sentiment, but they weren’t the sole drivers,” Lucas observed.

Another sign of renewed activity: large Bitcoin holders, often called whales, have accumulated roughly $2.75 billion worth of the token over the past two months, according to CryptoQuant.

Bitcoin remains far below its October peak above $126,000, which preceded a steep decline that pushed the price down to $58,642 by the end of June.

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Published on August 21, 2026