On August 26, Bloomberg reporter Emily Nicolle posted that Bitcoin has risen 23% over the past week, marking the largest weekly gain in more than three years and ending the sideways trading range it had been in since summer. U.S. Treasury Secretary Bessent proposed expanding the scale of long-term Treasury repurchase agreements, prompting market concerns about U.S. debt and a potential depreciation of the U.S. dollar—driving funds toward alternative assets such as Bitcoin. However, after Bitcoin broke above $80,000 on Tuesday, it has since stabilized again, and this single catalyst alone is still not enough to bring the market back to a truly bullish state.
Nicolle noted that the narrative of Bitcoin as a hedge against the U.S. dollar and inflation still lacks staying power. After Trump revived threats of tariffs on China in October last year, Bitcoin fell by more than 12% within 24 hours, while gold hit a record high over the same period. Since 2026, gold has gained more than 7% in total, and even after accounting for the recent rebound, Bitcoin is still down nearly 10%.