Bitcoin held near $77,000 on Monday after posting its second-best weekly performance since early 2021, driven by strong ETF inflows and an expanded Treasury bond buyback. XRP and Zcash cooled after even sharper gains, while traders now turn to this week's inflation data, GDP revision and Fed Chair Kevin Warsh's first Jackson Hole speech.
Bitcoin sat near $77,300 to open the week, up 22% over the previous seven days. Along the way, the coin climbed from roughly $62,000 to as high as $79,500 before settling near $77,000. That made it bitcoin's second-best week since February 2021, a stretch topped only by its rally following the March 2023 Silicon Valley Bank crisis.
ETF inflows and Treasury buybacks fuel the rally
U.S.-listed spot crypto ETFs attracted $2.6 billion during the week, their largest haul since October. Bitcoin funds alone pulled in $1.92 billion, the largest weekly inflow since Oct. 10. Ether ETFs added $697 million, their strongest week since early October 2025. The rally accelerated after Treasury Secretary Scott Bessent announced an expansion of Treasury bond buybacks to $4 billion, pushing yields and the dollar lower. A $3 billion short squeeze also added momentum, alongside a White House meeting backing crypto and Trump's support for the CLARITY Act ahead of its September vote.
Altcoins cool after bigger gains
XRP and Zcash, last week's standout movers, steadied on Monday. XRP sits at $1.48, up 48% on the week, while Zcash trades near $838 after a 70% weekly surge tied to a Grayscale spot Zcash ETF filing. Both are leveling off rather than extending their runs, per CoinDesk data.
Ether outpaces bitcoin as a golden cross comes into view
Ether performed even better than bitcoin last week, climbing 31.3% from below $1,900 to above $2,520 before retreating just below $2,500. The rally lifted both coins above their 200-day moving averages, with shorter-term averages also turning higher. That trend raises the prospect of a golden cross between the 50-day and 200-day lines. Talk of the "debasement trade" is also returning: gold has climbed back above $4,600, up 15% over the past month. The dollar index has fallen to 98.9, below its 200-day average of 99.1.
A macro test looms before Jackson Hole
Traders now face this week's inflation data and a revised GDP estimate, both due Wednesday at 8:30 a.m. ET. Core PCE rose 3.3% annually in June. The advance estimate put second-quarter growth at 1.5%, down from 2.1% in the first quarter. Fed Chair Kevin Warsh delivers his first Jackson Hole keynote on Friday, and his tone on rates will test whether the easing backdrop that fueled the rally holds.
Levels to watch as bitcoin holds $77,000
Bitcoin's immediate resistance sits near the recent $80,000 peak. On a pullback, $75,000 is the first level to watch. Below that sits the $70,000-to-$72,000 breakout zone. A hotter-than-expected inflation print or a hawkish Warsh speech could revive pressure on prices; a softer reading could help bitcoin challenge $80,000 again.
Sources: CoinDesk, CoinDesk, crypto.news
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