Bitcoin rose again on Friday and was up 23% over the past seven days, reaching as high as $79,319 after moving past $77,542. The move came as U.S. bitcoin exchange-traded funds drew more than $1.6 billion this week, according to Farside Investors. Coinglass said over $1 billion in short positions were closed, while Standard Chartered’s Geoffrey Kendrick said Thursday saw $1.1 billion in Bitcoin shorts liquidated, the largest such event on record. CNBC analysts linked the rally to the U.S. Treasury Department’s Wednesday plan to at least double long-dated bond buybacks, which pushed yields lower and coincided with gains in bitcoin and gold. The dollar fell to a three-month low and was on track for its worst August week. White House regulatory news also helped, after President Donald Trump met crypto executives and urged lawmakers to advance the Clarity Act ahead of a September vote.
Bitcoin climbed again on Friday, putting in its best week since 2023 as more than $1 billion in short positions were wiped out and U.S. exchange-traded funds pulled in billions of dollars in fresh cash.
The cryptocurrency was recently up 23% over the past seven days, after moving past $77,542. Earlier in the session, it touched $79,319.
Farside Investors data shows U.S. bitcoin ETFs have taken in more than $1.6 billion so far this week. On Thursday alone, those funds drew $606.3 million, one of their biggest trading days of the year.
Short sellers were hit hard as well. Coinglass data shows more than $1 billion in short positions were closed. In a note on Friday, Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, said Thursday marked the largest liquidation of Bitcoin shorts ever, with $1.1 billion in bets closed.
CNBC analysts said the rally followed the Treasury Department’s Wednesday announcement that it will at least double the size of its long-dated bond buybacks. The move helped push yields lower, while bitcoin and gold climbed. The dollar traded at a three-month low and was on pace for its worst week of August.
Regulatory headlines from the White House also added support. Earlier in the week, President Donald Trump met with crypto executives and urged lawmakers to get the Clarity Act passed. A vote on the long-awaited crypto bill is expected in September.
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