Bitcoin surges 23% in week as Bessent buyback move boosts debasement trade

August 23, 2026 at 04:08 PM2 min

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Bitcoin surged roughly 23% this week, its best weekly gain in more than three years, while the S&P 500 fell. The rally accelerated after Treasury Secretary Scott Bessent doubled planned buybacks of longer-dated Treasurys on Wednesday. Gold rose about 5% and the dollar declined, but the 30-year Treasury yield ended the week nearly unchanged.

Key Facts

Bitcoin gained roughly 23% this week, its best weekly performance in more than three years.
Treasury Secretary Scott Bessent doubled the size of planned buybacks for some longer-dated Treasurys on Wednesday.
The 30-year Treasury yield dropped 9 basis points on Wednesday but recovered almost all of that decline by Friday.
Bitcoin's 20-day correlation with the S&P 500 fell from about 0.43 to nearly zero, while its correlation with gold rose above 0.5.
There were 24 previous weeks when stocks fell, gold rose, the dollar declined, and the 30-year yield rose; bitcoin's median gain in those weeks was about 2%.

Market Moves

Bitcoin surged roughly 23% this week, breaking out of a months-long trading range below $67,000. Gold jumped about 5% and the dollar fell, while the S&P 500 lost ground. On Wednesday, the 30-year Treasury yield dropped 9 basis points as bitcoin jumped 7% and gold rallied 4%. By Friday, the 30-year yield had clawed back almost its entire Wednesday drop, while bitcoin added more than 10% and gold gained another 2%.

Bessent's Buyback Decision

Treasury Secretary Scott Bessent doubled the size of planned buybacks for some longer-dated Treasurys on Wednesday. The announcement pushed the 30-year yield down 9 basis points and triggered a 7% bitcoin jump and 4% gold rally. Coinage founder Zack Guzman said bitcoin has "established itself as a bit of a debasement trade." Guzman added that when the government gets involved to control things, money eventually flows to assets like bitcoin.

Historical Comparison

There have been six previous weeks since 2015 when bitcoin gained more than 15% while stocks fell, gold rose, and the dollar declined. Every previous such episode came with falling 30-year Treasury yields, but this week the 30-year yield ended nearly unchanged. In 24 prior weeks with stocks down, gold up, dollar down, and 30-year yield up, bitcoin's median gain was about 2% and the best was about 14%. Bitcoin's 20-day correlation with the S&P 500 collapsed from roughly 0.43 to nearly zero, while its correlation with gold climbed above 0.5.