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Bitcoin climbs back above $80,000 on debasement-trade optimism
The rally lifted Bitcoin about 2.5% in Asia to $80,908 and coincided with $1.92 billion of net inflows into US spot Bitcoin ETFs, plus roughly $7.2 billion in leveraged bearish liquidations across crypto last week.
Bitcoin rose to above $80,000 for the first time since mid-May, extending gains as renewed bullish signals drove liquidation of leveraged positions across crypto markets, according to Bloomberg via LiveMint Markets.
The original cryptocurrency climbed as much as 2.5% to $80,908 in Tuesday trading in Asia, after gaining 23% over seven days through Sunday, its biggest weekly jump in about three years. Still, it remained far below its October peak of about $126,000, the outlet said.
LiveMint Markets linked the move to renewed interest in the so-called debasement trade after US Treasury Secretary Scott Bessent said the US would step up bond repurchases to help lower long-term yields, a plan that also sparked renewed dollar-selling chatter. Lacie Zhang, a research analyst at Bitget Wallet, said the expanded long-dated buyback plan weakened the dollar and revived the trade across Bitcoin and gold, as quoted by the outlet.
The surge also reflected crypto fund and positioning flows. LiveMint Markets reported that US-listed spot Bitcoin ETFs drew net $1.92 billion last week, the strongest weekly inflow in 10 months, with a single day inflow of $606.3 million on Aug. 20, while Coinglass data cited by the outlet showed about $7.2 billion in leveraged bearish bets liquidated across all cryptoassets last week. The outlet added that a meeting between President Donald Trump and industry leaders boosted optimism for crypto policy ahead of the Clarity Act being expected to return mid-September after missing a Senate vote before the August recess.
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