Bitcoin recorded its largest dollar-denominated weekly gain in history, rising $14,264 to close the week ended Aug. 23 at $77,387—a 22.7% move in seven days.
The rally was triggered by the U.S. Treasury Department’s announcement of an expansion to its buyback program, flipping investor apathy into fear of missing out.
The Fear & Greed Index stands at 78, the highest reading since December 2024.
Strive CEO calls it the strongest cycle ever
Spot bitcoin ETFs reported $1.92 billion in net inflows during the trading week ended Aug. 21, the largest weekly total since October 2025.
Strive CEO Matt Cole said bitcoin’s performance against both the dollar and gold shows that the next cycle “will be the strongest we have ever seen.”
Cole wrote:
“The growing hunt for scarcity in an AI-driven world of abundance both point toward a powerful structural tailwind for scarce assets.”
BTC vs gold
The bitcoin-to-gold ratio hit 16.73 ounces per bitcoin, its highest level since May.
Cole elaborated on the breakout:
“What makes this week particularly interesting is that bitcoin has now broken out against both the dollar and gold. When bitcoin is the fastest horse, it will attract a disproportionate share of that capital.”
He added that while a short-term pullback is likely, buyers will step in aggressively to buy the dip:
“These structural forces have left me more bullish on bitcoin today than ever before.”
Spot flows versus leverage
BTC Markets analyst Rachael Lucas cautioned that the nature of the move matters more than the headline number, noting that spot-driven rallies offer stronger structural support than leverage-heavy moves.
She said investors should monitor ETF flow data, funding rates, and open interest for signs of overheating.
