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Bitcoin posts best week since 2023 as $1B+ in shorts are unwound
Bitcoin surged about 23% over seven days, helped by reported long-dated Treasury buyback plans that also pushed down yields and lifted gold.
Bitcoin rose sharply this week, posting its best performance since 2023 as traders positioned for declines were forced out. Bitcoin was up about 23% over the prior seven days, after climbing through $77,542 and reaching as high as $79,319 on Friday, according to Bitcoin Magazine.
Bitcoin’s rally coincided with reports that long-dated Treasury buybacks would be increased. Bitcoin Magazine notes CNBC analysts linked the move to a Wednesday Treasury Department announcement to at least double long-dated bond buybacks, which was said to send yields lower and support risk-on demand for non-yielding assets like bitcoin and gold.
The squeeze in bearish positioning was also a key driver. Bitcoin Magazine cites Coinglass data showing more than $1 billion in short positions were closed, and it also points to Standard Chartered saying Thursday marked the largest liquidation of bitcoin shorts ever, with $1.1 billion in bets unwound.
Bitcoin Magazine also highlights strong inflows into spot exchange-traded funds, with investors buying shares amid the rebound. It says ETFs took in more than $1.6 billion over the week so far, including $606.3 million on Thursday, and it adds that positive crypto regulatory signals, including a White House meeting with crypto executives, helped sentiment around the long-awaited Clarity Act.
Latest closeGold $4,432.00 ▲1.6%|Bitcoin $77,195.58 ▲5.7%