Bitcoin Jumps More Than 20% as Treasury Yields Whipsaw and ETF Inflows Surge

Huoxing Finance reported that QCP Capital said in a market note on Aug. 24 that Bitcoin logged its strongest weekly gain since March 2024, climbing more than 20% and briefly touching about $79,500. QCP linked the move to abrupt shifts in U.S. rates. The 30-year Treasury yield pushed toward its highest level since 2007, nearing 5.3%, before the U.S. Treasury said it will expand long-end liquidity support repo operations starting Sept. 9, lifting the cap from $2 billion per operation to at least $4 billion. Longer-dated yields then retreated and the dollar softened, with both Bitcoin and gold advancing. QCP said position adjustments helped fuel the initial breakout, and spot participation strengthened thereafter. U.S. spot Bitcoin and Ethereum ETFs drew roughly $2.6 billion of net inflows last week, the largest weekly intake since October 2025. Attention now turns to three macro catalysts: PCE inflation data, NVIDIA's earnings (as a read-through for the AI investment cycle), and Fed Chair Walsh's first keynote at Jackson Hole (as a signal on the policy framework). Walsh is scheduled to speak Friday at 10 p.m., while July PCE and the second estimate of Q2 GDP are due Wednesday. QCP said last week's price action was driven mainly by positioning and Treasury-market dynamics. The key question this week is whether upcoming data will offer clearer direction on the macro backdrop.