Bitcoin's Best Week Since 2024: Sentiment Flipped From Fear to Greed in a Day

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Summary

The trigger was not an ETF headline.

Treasury Secretary Scott Bessent doubled the department's long-duration bond buybacks, from $2 billion to at least $4 billion per operation — a policy that does not take effect for another three weeks.

“Forty-six to seventy-two in two days sounds like leverage and momentum, not real conviction. True conviction builds more slowly than that.”

Key Takeaways

  • A doubling of Treasury long-bond buybacks, not an ETF story, set off the rally.
  • The policy does not take effect for three weeks, making this a signalling move.
  • Bitcoin finished the week up roughly 20%, its best since 2024.
  • Funding rates hit a 20-month high as shorts were caught out.
  • Large holders accumulated through both the drawdown and the bounce.
  • A Fear & Greed jump from 46 to 72 in two days reads as leverage rather than conviction.

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