Bitcoin was on course Friday to close out its strongest week in two years, having climbed roughly 23% over the five-day period from $62,836.88 to $77,226.96 as a combination of macroeconomic and policy developments fueled the advance.
The move began Wednesday when the Treasury Department announced it would at least double the size of its bond buyback operations for longer-dated securities, raising the per-operation maximum from $2 billion to at least $4 billion for the 10-to-20-year and 20-to-30-year sectors. Yields on long-dated Treasuries fell sharply in response, easing pressure on risk assets and drawing buyers into cryptocurrency markets. Wednesday's bond-market reaction was substantial: the 30-year Treasury yield shed nine basis points, and according to CoinDesk, a Bloomberg gauge tracking Treasuries with maturities of 20 years or longer recorded its sharpest one-day advance since February 2025.
Confidence among market participants strengthened further on Thursday when President Donald Trump hosted cryptocurrency executives at the White House and pressed Congress to pass the Digital Asset Market Clarity Act, a sweeping framework for regulating digital assets. Executives from Coinbase, Gemini, Kraken, Robinhood Markets, Ripple, and Chainlink Labs attended the event, along with Securities and Exchange Commission Chairman Paul Atkins and Commodity Futures Trading Commission Chairman Michael Selig.
The Clarity Act has stalled in the Senate ahead of a procedural vote scheduled for September 15, when lawmakers will need 60 votes to advance the measure to the full floor. The bill passed the House in July 2025 and cleared the Senate Banking Committee in May, but Democrats have resisted it over money laundering safeguards and ethics provisions. Passage of the bill could meaningfully shift sentiment across cryptocurrency markets, though analysts say its path to becoming law remains narrow.
Shares tied to the crypto sector also moved higher on Friday, with Coinbase and Circle each up more than 5%, Strategy climbing 9%, and the ProShares Bitcoin Strategy ETF adding 6.8% in premarket trading.
Max Stuedlein, head of Partnerships at Sygnum APAC, told CNBC that the Treasury's decision was aimed at addressing long-term yield concerns driven by rising borrowing costs and debt levels. "The Treasury's decision to double its buybacks of long-dated government debt is aimed at addressing long-term yield concerns, where borrowing costs have been rising on concerns over U.S. debt levels and partial crowding out by debt issuances of hyperscalers," he said.
Even after the week's surge, Bitcoin has not recovered to its 2026 peak of $94,820, set in mid-January, nor to its record high of $126,198 from October 2025.