Bitcoin Logs Record Weekly Dollar Gain; Strive CEO Says Strongest Cycle Yet Is Coming

Bitcoin posted its biggest weekly gain ever in dollar terms, helping flip market sentiment.

Crypto news outlet The Block reported on August 23 that Bitcoin ended the week at $77,387, up $14,264 over the prior seven days. The token rose 22.7% on the week, the largest weekly increase in dollar terms on record.

The immediate catalyst for the rally was the U.S. Treasury's announcement that it would expand its Treasury buyback program. Investor sentiment improved sharply after the news. The crypto Fear and Greed Index climbed to 78, its highest since December 2024.

Inflows into spot Bitcoin exchange-traded funds also picked up quickly. Data from SoSoValue showed US spot Bitcoin ETFs posted net inflows of $1.92 billion during the week. That was the largest weekly inflow since the peak of the October 2025 bull market.

Matt Cole, Strive's chairman and chief executive officer, wrote on X that Bitcoin had broken out against both the dollar and gold at the same time and that the strength of the move was explosive. He said the next Bitcoin cycle would be the strongest investors have ever seen.

Cole added that demand for scarcity is rising in an age of AI-driven abundance, creating a structural force that could channel more capital into scarce assets such as gold, silver and Bitcoin. The Bitcoin-to-gold ratio now stands at 16.73 ounces of gold per Bitcoin, the highest since May.

Other analysts also pointed to the potential for further short-term gains. Dominic John, an analyst at Zeus Research, said renewed ETF inflows and improving macro liquidity are supporting the rally. He added that progress in September discussions on the Clarity Act could further lift institutional confidence, though a medium-term correction could still emerge before the next upswing.

Rachel Lucas, an analyst at BTC Markets, said the advance may reflect a combination of short covering, spot demand and derivatives positioning. The key question, she said, is whether spot trading volume and ETF inflows are supporting the move or whether leverage is amplifying the gains.

Lucas added that elevated funding rates and high open interest may be early signs of a leverage-driven correction. She said the market's reaction after Bitcoin retakes $80,000 will be critical. If the breakout holds, Bitcoin could climb to $85,000 to $90,000, and reach $100,000 if ETF inflows and macro liquidity continue to support the move.