Bitcoin jumped 6% to around $77,370 on Friday, bringing its weekly gain to more than 20%—its strongest weekly advance in over three years—driven by a broader rebound in risk appetite. The upswing followed the US Treasury’s announcement that it would at least double its purchases of longer-dated government bonds, a move that pushed long-term yields lower and weakened the US dollar. This shift also unleashed a major short squeeze, with billions of dollars in bearish crypto positions liquidated in recent days.
Market sentiment was further lifted by President Donald Trump’s meeting with cryptocurrency industry leaders and his call for progress on new crypto market-structure legislation. At the same time, US spot Bitcoin ETFs have attracted over $1 billion in inflows this week, providing additional support for prices. Even after the sharp rebound, however, Bitcoin remains well below its record high above $126,000 set last October.
