Bitcoin has broken out of a ten-month bear market with one of its most dramatic weekly surges in years, climbing 22% to end the week above $77,000 — a level the cryptocurrency had not reached since May. The move was driven by two converging forces: a White House cryptocurrency summit hosted by President Trump and a US Treasury decision to double buybacks of long-dated government bonds, both of which hit markets within the same week and lit the fuse for a rally that caught even seasoned crypto traders off guard by its speed.
Bitcoin surged an additional 5% on Friday alone, and is up 19% since Wednesday — the day the White House crypto summit began. The token had previously fallen as much as 53% from its all-time peak of approximately $126,000 reached in October 2025, before finding a floor at $59,101 in early March. It is now up 30% from that trough. From a technical standpoint, the rally is extraordinary: the token is trading more than five standard deviations above its 50-day moving average, a level of momentum not seen since 2016, according to Paul Hickey, co-founder of Bespoke Investment.
The broader crypto market has moved with it. Ethereum rose 26% this week. Hyperliquid — mentioned by Trump himself at the summit — surged 36%. The entire cryptocurrency market added $500 billion in total market capitalisation over the course of the week, an increase of approximately 23%, according to CoinMarketCap.
What the White House Summit Did
Trump’s White House cryptocurrency summit brought together regulators and top industry executives and produced a clear policy signal that investors had been waiting for. The president called on Congress to pass a “fair version” of the CLARITY Act — the landmark crypto legislation that would establish a comprehensive regulatory framework for digital assets in the United States. “It’s a very, very powerful structure legislation which will keep us ahead of China, keep us ahead of everyone else,” Trump said.
The president also declared that the US had “ended the war on crypto once and for all,” a reference to his appointment of Paul Atkins — a longtime cryptocurrency advocate — as chairman of the Securities and Exchange Commission at the start of his second term. Trump reported more than $1 billion in cryptocurrency-related income in 2025, giving him personal financial alignment with the industry’s success that markets are treating as a durable policy commitment.
Investors responded to the summit as confirmation that the regulatory environment under this administration will remain favourable to digital assets. The combination of a sympathetic SEC chief and active presidential lobbying for crypto-friendly legislation has removed a significant source of uncertainty that had been weighing on the market since last year’s correction.
What Treasury Buybacks Have to Do With Bitcoin
The second driver of the rally came from the bond market. The US Treasury announced it would double its buybacks of long-dated government bonds this week — a move that shifted the supply-demand balance in the Treasury market and pushed yields lower.
Lower yields affect cryptocurrency prices through a chain of market logic. Falling yields reduce the attractiveness of the US dollar relative to risk assets, since investors can no longer earn as much holding cash or government bonds. A weaker dollar makes hard-capped assets like bitcoin more appealing as stores of value. The US Dollar Index — which measures the dollar against a basket of major foreign currencies — was trading around 98.79 on Friday, down 2% from its peak of around 101 the previous month.
David Morrison, a senior market analyst at Trade Nation, described the buyback expansion as reflecting broader investor concern about long-term government debt sustainability across developed economies. Tom Lee of Fundstrat identified the Treasury move and Trump’s pro-crypto statements as the two “most pertinent” factors behind the week’s crypto outperformance, while also noting that the four-year historical cycle suggested the most recent crypto winter was already approaching its natural end.
Is This Rally Sustainable?
Analysts are cautiously optimistic but watching specific indicators closely. Bitfinex analysts pointed to strong ETF demand and a shift in the macro narrative as factors suggesting the rally could have legs. Citi’s analysts said the key variable to watch is bitcoin ETF fund flows. “Flows have stalled since the October 2025 liquidations, and their resumption is critical for a sustained rally,” the bank said. A resumption of institutional inflows through ETF vehicles — which provide accessible exposure to bitcoin for traditional investors — would be the clearest sign that the rally is broadening beyond momentum traders and into structural demand.
“The cryptocurrency bull market has begun,” Alex Kuptsikevich, chief market analyst at FxPro, wrote, describing the shift in investor sentiment as “dramatic.”
Whether the bull market proves durable will depend significantly on whether Congress moves on the CLARITY Act, whether the macro backdrop continues to soften the dollar, and whether ETF flows confirm that institutional capital is returning to the asset class.
Stay informed. Subscribe to the JournalTodays Newsletter for the latest Bitcoin news, cryptocurrency market coverage, and business updates delivered straight to your inbox.
