Bitcoin surged to $78,000 (current price: 78,447 USD) this wave, up 18% in 48 hours. Many people only see the increase but don’t understand why it’s going up.
The root cause is the U.S. Treasury’s “buyback fine-tuning”: the Treasury buys back long-term bonds and pushes down yields on the long end, which is effectively a covert liquidity support. When the U.S. dollar softens, gold and assets like Bitcoin that hedge against currency depreciation are immediately snatched up.
The Fear & Greed Index has already entered the Greed zone, and sentiment is overheated.
My take: this isn’t a normal rebound—it’s “the depreciation trade” back. As U.S. government debt keeps rolling over and growing, people vote with their feet, hedging against the dollar’s credit risk. In the short term, sentiment is too hot; chasing highs can easily mean getting caught in a pullback. But the big-picture logic hasn’t finished playing out.
For the crypto space, this is more concrete than any altcoin “good news”—money is flowing into “digital gold.” Don’t let one big bullish candle blow your mind; pullbacks are a more comfortable entry point.
The root cause is the U.S. Treasury’s “buyback fine-tuning”: the Treasury buys back long-term bonds and pushes down yields on the long end, which is effectively a covert liquidity support. When the U.S. dollar softens, gold and assets like Bitcoin that hedge against currency depreciation are immediately snatched up.
The Fear & Greed Index has already entered the Greed zone, and sentiment is overheated.
My take: this isn’t a normal rebound—it’s “the depreciation trade” back. As U.S. government debt keeps rolling over and growing, people vote with their feet, hedging against the dollar’s credit risk. In the short term, sentiment is too hot; chasing highs can easily mean getting caught in a pullback. But the big-picture logic hasn’t finished playing out.
For the crypto space, this is more concrete than any altcoin “good news”—money is flowing into “digital gold.” Don’t let one big bullish candle blow your mind; pullbacks are a more comfortable entry point.