Bitcoin Surges 20% Toward $80,000 on Treasury Buyback, ETF Inflows

At the same time, activity among long-term holders offered a counterpoint. Those investors reduced their positions by roughly 15,800 BTC over the same period, excluding Coldcard-related movements. At current prices near $77,500, that represents about $1.2 billion in bitcoin distributed to the market. The selling suggests some holders are using the rally to take profits after accumulating at lower prices. With bitcoin approaching the psychologically important $80,000 level, additional distribution could increase selling pressure and make further gains more dependent on fresh demand.

The broader macro backdrop remains mixed. US Treasury yields recovered Monday, leaving long-term borrowing costs elevated, while the dollar firmed. That creates a less straightforward environment than during the initial breakout.

“Bitcoin’s latest rally reflects a combination of stronger institutional demand and renewed interest in the debasement trade as investors reassess developments in the US bond market,” said Christopher Tahir, Senior Financial Markets Strategist at Exness. “The initial impact of the Treasury’s buyback announcement on yields has started to fade, while long-term holders appear to be taking advantage of higher prices to realize some profits. This makes the strength of fresh demand increasingly important. Continued ETF inflows could help absorb additional supply and keep bitcoin supported, while higher US yields, a stronger dollar or more pronounced profit-taking could make it harder to sustain the recent pace of gains.”

Bitcoin touched around $79,500 on Friday before opening Monday above $77,500. The focus now is on whether institutional demand can absorb selling from long-term holders and whether expanded Treasury buybacks can have a lasting influence on yields. The balance between fresh demand and profit-taking could determine whether prices make another attempt at $80,000 or move into a period of consolidation.