- BTC-USD
+2.02% - DX-Y.NYB
+0.15% - STAN
(Bloomberg) — Crypto’s true believers suddenly have a spring in their step again.
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Just days ago, Bitcoin still looked trapped in a market that had spent months grinding lower. Then, almost out of nowhere, it ripped toward $80,000, notching its best weekly gain in years and reviving the memes, the HODL chants and the conviction that momentum itself can pull crypto higher.
Rocket-ship emojis returned to X, bear-market obituaries resurfaced and Michael Saylor posted an AI-generated nightclub meme urging followers to “buy Bitcoin, hold 10 years, ignore the noise, survive the fears.”
The spark came partly from the bond market. Treasury Secretary Scott Bessent’s plan to at least double long-dated Treasury buybacks initially pulled yields lower and weakened the dollar while gold surged.
That combination revived the so-called debasement trade: the idea that mounting fiscal strains and easier financial conditions strengthen the case for scarce assets outside the government monetary system. For Bitcoin bulls, it was fresh macro ammunition arriving just as bearish positioning was stretched.
Even Ray Dalio, hardly a crypto evangelist, touted Bitcoin, citing an “unsustainable” debt spiral.
It’s “very nice to see some signs of life in the crypto market. And this rally feels different from other tenuous sparks over the past few months,” said Noelle Acheson, author of the “Crypto Is Macro Now” newsletter.
Crypto’s great hope has always been that momentum can create more momentum.
That is how the last boom fed on itself. Rising prices forced short sellers to cover, drew more money into spot ETFs, lifted crypto-linked stocks and digital-asset treasury companies, and gave some of those firms more capacity to raise money and buy still more Bitcoin. Higher prices then pulled sidelined investors back in, adding another layer of demand.
This past week offered the first real glimpse of that machinery trying to restart. A record wave of bearish bets was wiped out, spot-trading volumes jumped and Bitcoin ETFs drew fresh inflows. The policy backdrop helped too: President Donald Trump again pressed Congress to pass the Clarity Act, reinforcing an administration stance that has been broadly supportive of digital assets throughout this cycle.
