Bitcoin has clearly rebounded this week, with an increase of over 22 per cent in the week and a new $77,000 on Friday. This is the first time that the asset has returned to that level since May this year, and it has also shown signs of a reversal of the vulnerable situation that lasted about 10 months.

The market generally attributed this round to two factors: the shift of investors to a more friendly warming of the United States regulatory environment following the White House encryption summit this week; and the expansion of the United States Treasury to buy back long-term national debt, which boosted risk asset performance by boosting the return on US debt.

After the White House summit, there was a warmer mood.

Trump called for Congress to adopt the “fair version” of Clarity Act when meeting regulators and encryption executives at the White House this week. The bill aims to establish a clearer regulatory framework for digital assets.

According to Trump, this legislation will help the United States to stay ahead in related areas. The market sees this as a sign that the White House continues to support the encryption industry. The report also mentioned that Trump had stated at the meeting that the United States had “ended the war on encryption” and again referred to its appointment of Paul Atkins, a long-standing supporter of the encryption industry, as Chairman of the American Securities Commission.

This led to a cumulative increase of 19 per cent in bitcoin since the opening of the Summit. It's up 26% this week and Hyperliquid is up 36%. According to CoinMarketCap, the market value of the entire encryption market has increased this week by approximately $500 billion, or 23 per cent.

United States extended bond buy-back

Another market-focused change came from the United States Treasury Department. This week, the United States Department of the Treasury indicated that it would double the scale of long-term national debt buy-backs. This changed the supply-demand relationship in the United States debt market and contributed to lower rates of return.

Falling rates of return usually reduce the attractiveness of the United States dollar and improve the valuation environment for risk assets. The United States dollar index is about Friday 98.79, which is about 2 per cent below the high point of last month, about 101 per cent. Against this background, there is increased buyout support for highly volatile assets, including bitcoin.

Tom Lee, Head of Fundstrat Research, argued that the Ministry of Finance ' s expansion of repurchases and Trump ' s overt support for the encryption industry were important reasons for the recent run of encrypted assets over other assets. However, he also mentioned that, as observed in the four-year cycle of history, the current round of encryption markets would have been nearing the end.

ETF flows are still a follow-up point.

Despite the rapid rebound in prices, the Agency remains concerned about the continuation of this round. Citi Analyst indicated that follow-up would need to observe whether the Bitcoin ETF financial flow had resumed.

According to the bank, the Bitcoin ETF financial flows have been relatively stagnant since October 2025, when the market was closed. A return to the flow of funds would be more conducive to sustaining a sustained increase.

In terms of price ranges, Bitcoin had previously returned to a peak of 53 per cent from last October, when it was about $12.6 million, and was now about 30 per cent lower than at the beginning of March, when it was about $591 million. This means that while there has been a marked recovery in market sentiment, there is still a need to see if the funds continue to follow.