Bitcoin Jumps to $79,400, Posts Best Weekly Gain Since March 2023 as Liquidations Hit $4.55 Billion

Bitcoin rallied to $79,400 on Friday and was trading above $76,800, up 7% over the past 24 hours, according to CoinMarketCap. The token is up nearly 24% since Monday, putting it on pace for its strongest weekly performance since March 2023. The move followed a U.S. Treasury announcement outlining a bond buyback plan aimed at lowering long-term yields, a macro backdrop that helped lift risk assets. Broader crypto markets rose alongside Bitcoin. XRP gained 19% and led large-cap assets, with 24-hour trading volume up 139%. ENA jumped 42% in 24 hours and is up 56% on the week after announcing a $1 billion institutional credit line with FalconX. ZEC added 12.5%, while LINK is up 32% on the week. Market positioning tilted further toward Bitcoin. The Altcoin Season index slipped to 33 from 36 as BTC dominance increased to 59.9%. James Butterfill, head of research at CoinShares, said the rally reflects macro conditions rather than crypto-specific catalysts. He noted Bitcoin remains highly sensitive to shifts in liquidity expectations and real yields, with the latest move coming as softer-than-expected inflation data and weaker employment figures boosted expectations for a change in Federal Reserve policy. Traders are watching $80,000 as a key technical validation zone. Butterfill called it an "important frontier" and said a decisive breakout may require clearer evidence the Fed is moving away from monetary tightening, a signal that could emerge at next week's Jackson Hole symposium. Derivatives markets highlighted the intensity of the rally. CoinGlass data shows $3.3 billion in positions were liquidated on Wednesday, with another $1.25 billion wiped out over the past 24 hours, taking total liquidations from Wednesday through Friday to $4.55 billion. Short liquidations accounted for $1.06 billion of the last 24 hours. Open interest in Bitcoin futures rose 7.38% to $57.7 billion, the highest since June. With U.S. markets closed, traders also flagged weekend conditions, when thinner liquidity has historically left Bitcoin more exposed to geopolitical headlines. U.S.-listed spot Bitcoin ETFs recorded net inflows of $606 million on Thursday, the largest single-day intake since May 1.