BlockBeats reported on Aug. 24 that QCP Capital said Bitcoin logged its strongest weekly performance since March 2024 last week, gaining more than 20% and at one point reaching about $79,500.
According to QCP, the rally unfolded alongside a sharp shift in rates markets. The U.S. 30-year Treasury yield briefly approached 5.3%, near its highest level since 2007. The U.S. Treasury then announced that, starting Sept. 9, it would increase the size of long-end liquidity support buyback operations from a maximum of $2 billion per operation to at least $4 billion.
After that announcement, long-end yields moved lower, the dollar weakened, and Bitcoin and gold both climbed. QCP said positioning changes accelerated the initial breakout, with spot participation continuing to strengthen afterward.
On the flow side, U.S. spot Bitcoin and Ether ETFs pulled in a combined roughly $2.6 billion in net inflows last week, marking the strongest weekly inflow since October 2025, according to QCP.
Three macro variables are in focus this week
QCP said markets are now turning to three sets of macro signals: PCE inflation data, Nvidia earnings, and Federal Reserve Chair Warsh’s first keynote speech at Jackson Hole. The firm framed Nvidia’s results as a read on the AI investment cycle and Warsh’s speech as a signal on the monetary policy framework.
On the calendar, July PCE data and the second estimate of second-quarter GDP are due on Wednesday. Warsh is scheduled to speak at 10 p.m. on Friday.
QCP said last week’s move was driven mainly by positioning shifts and developments in the U.S. Treasury market, while this week’s data may offer a clearer read on the broader macro backdrop.