Bitcoin Jumps 23.6% for Its Second-Best Week Since 2021 as ETF Inflows Surge and Yields Slip

Crypto markets delivered one of their strongest weekly rallies in years, led by a 23.6% gain in bitcoin. The token climbed from roughly $62,000 to a peak near $79,500 before easing to around $77,000. It marked bitcoin's second-best weekly performance since February 2021, trailing only the surge that followed the Silicon Valley Bank crisis in March 2023. Ether outpaced bitcoin, rising 31.3% from below $1,900 to above $2,520, then pulling back to just under $2,500. The magnitude of the move was amplified by the market setup. After months of consolidation, volatility had compressed to low levels while investors accumulated steadily, leaving positioning increasingly sensitive to any catalyst that could push prices out of their ranges. That trigger came after Treasury Secretary Scott Bessent said the Treasury would expand bond buybacks, sending yields and the dollar lower and improving the backdrop for risk assets. U.S.-listed spot ETFs added fuel to the rally. Bitcoin ETFs recorded $1.92 billion in net inflows over the week, the largest weekly haul since Oct. 10, when bitcoin was just shy of its record high of $126,000. Ether ETFs took in $697 million, their strongest week since early October 2025. The advance lifted both bitcoin and ether above their 200-day simple moving averages, a closely watched gauge of long-term trend. Shorter-term averages have also begun to turn up, reviving the possibility of a "golden cross"—when the 50-day moving average rises above the 200-day average, a pattern commonly viewed as bullish. As prices move, narratives tend to follow. Talk of the "debasement trade" is resurfacing—investors shifting into scarce assets such as bitcoin and gold to guard against declining fiat purchasing power tied to rising debt, money creation, or persistent inflation. Gold has climbed back above $4,600, up 15% over the past month and now above its 200-day average of $4,504. The U.S. Dollar Index (DXY), which tracks the dollar against a basket of major currencies, has fallen to 98.9 and slipped below its 200-day average of 99.1. A softer dollar and lower yields have provided additional tailwinds for crypto, gold, and other risk assets.