Bitcoin climbed past $80,000 on Monday. First time since May, per CoinDesk. The move extends a run tied to a softer dollar and expanded Treasury bond buybacks.
Seven-day gain: 23.2%, Decrypt reported. Bitcoin broke out of a $62,000-to-$67,000 band that had held through mid-August. CoinDesk put the weekly number above 25%. The gap tracks to different cutoff times.
Short sellers absorbed heavy damage. More than $4 billion in short positions were liquidated during the rally, CoinGlass data cited by Decrypt showed.
The Treasury said it would at least double planned purchases of longer-term government debt. Bitcoin cleared $77,000 on Friday, Decrypt reported, and kept grinding higher through the weekend.
Gold climbed to $4,661, per CME Group data, moving in tandem with Bitcoin. Analysts frame it as a revived “debasement trade”: buying scarce assets to shield against inflation and the declining purchasing power of currencies like the dollar.
“Bitcoin’s 23% rally alongside gold during a period of U.S. dollar softness and elevated Treasury yields reflects a subtle shift in institutional sentiment,” Lacie Zhang, research analyst at Bitget Wallet, told Decrypt. “Rather than trading purely as a high-beta risk asset, Bitcoin is increasingly sharing narrative space with gold as a digital hedge against structural fiat debasement.”
Jake Kennis, senior research analyst at Nansen, was more guarded. He told Decrypt that Bitcoin and gold rising together while the dollar weakens is “consistent with debasement and fiscal-credibility concerns” but that the correlation is “suggestive rather than proof as of now.”
A weaker dollar alongside elevated yields can also reflect higher term premiums, inflation uncertainty, or changing growth expectations, Kennis said. Not necessarily a loss of faith in Treasuries.
“A liquidity-driven rally would instead track Fed easing expectations and broader risk assets such as equities and credit, while institutional or crypto-specific demand would show up through BTC ETF inflows, on-chain accumulation, and BTC outperforming other macro hedges rather than simply moving in lockstep with gold,” Kennis said.
Solana jumped roughly 8%, per CoinDesk. The full CoinDesk report, which details a validator vote on proposals to slow new SOL issuance and raise daily burns, could not be retrieved for this article.
Zhang cautioned that distinguishing a true “vote against the dollar” from a liquidity-driven rally requires watching real yields and derivatives positioning. “If real [Treasury Inflation-Protected Securities] yields remain elevated while futures open interest leads spot demand, the movement may reflect tactical positioning rather than a permanent structural retreat from fiat,” she said.
CoinDesk separately reported the rally was running into overbought territory. Details of that signal could not be independently confirmed.
The rally drew policy context alongside the price action. President Donald Trump urged Congress to pass a “fair version” of the Clarity Act. CFTC Chair Michael Selig said the agency was preparing crypto market structure rules should the legislation stall.
