Bitcoin climbed above $78,000 on Monday, extending its weekly gain to more than 25 percent after the cryptocurrency briefly touched the $70,000 mark last week. The rally marks Bitcoin's strongest weekly advance in over three years, recovering ground from a difficult 2026 that saw prices slip below $60,000 in late June.
U.S. spot Bitcoin ETFs attracted a net $1.92 billion in inflows last week, with BlackRock's iShares Bitcoin Trust alone accounting for $1.3 billion. Short sellers were forced to cover positions as more than $4 billion in bearish crypto bets were liquidated by Friday, amplifying upward momentum.
The surge followed President Donald Trump's meeting with executives from Coinbase, Ripple and Gemini, where he pushed for swift passage of the CLARITY Act. U.S. Treasury Secretary Scott Bessent also announced plans to double the maximum buyback size for longer-dated government bonds, a move aimed at easing liquidity pressures as total U.S. debt surpassed $40 trillion for the first time.