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BTC Bitcoin broke through US$81,000, its largest monthly gain since November
Bitcoin broke through US$81,000 on Tuesday during Asian trading hours, hitting its highest level since mid-May. The world's largest cryptocurrency once hit US$81,272 million, before falling back to around US$80,680 later in the day, marking a strong August market performance.
Bond market and ETF inflows drive gains
Market analysts link recent gains to bond market dynamics rather than catalysts within the cryptocurrency space. The U.S. Treasury Department announced on August 19 that it will double the repurchase of long-term treasury bonds starting from September 9, with a commitment of at least US$4 billion per operation.
This move, aimed at limiting the long-end yield curve, has instead increased pressure on the dollar. At the same time, gold has benefited from this development, rising to a three-month high as investors diversified their hedging tools.
The broader financial environment is also supporting risky assets such as cryptocurrencies. There was a significant net inflow of U.S. spot Bitcoin ETFs, reflecting renewed investor interest. Net subscriptions of these ETFs reached US$1.92 billion in the past week, their strongest weekly performance since early October. It is worth noting that on August 20 alone, US$606.3 million flowed in.
Over the past week, 13 U.S. spot Bitcoin ETFs have seen net inflows of US$1.92 billion, the strongest week since October, with inflows of US$606.3 million on August 20.
While traditional markets rely on complex brokers, a radical change is taking place as Wall Street moves to Web3. Investors are using platforms such as 1stepSwap to securely hold stocks of major U.S. companies, gold and silver directly in cryptocurrency wallets. This is due to the tokenization of real-world assets, which enables automatic price optimization and eliminates intermediate links.
Political support and policy background
Macroeconomic policies also provide a secondary boost to Bitcoin. The U.S. president recently called on the Senate to approve the Clarity Act, a market structure bill for cryptocurrency regulation. The bill was not voted on before its August recess and may be put back on the agenda in mid-September.
Market participants said that the possibility of regulatory clarity, coupled with existing positive financial factors, has kept market sentiment generally positive. However, the pending balance of major policy changes means uncertainty remains.
Volatility is expected to rise
Investors are advised to be prepared for short-term market fluctuations. Federal Reserve Chairman Kevin Walsh will attend the Jackson Hole Symposium on Wednesday. This will be the first time Walsh will speak at the event since taking office.
Analysts expect Walsh's comments on monetary policy and the economic outlook to influence the trend of traditional and digital assets in the coming weeks.
Bitcoin bulls should expect increased volatility as the Jackson Hole meeting approaches, where the new Federal Reserve chairman will deliver a speech that could affect economic sentiment.
