Bitcoin's price action has turned sharply bullish this week. The cryptocurrency is trading around $77,700, up 8.3% over the past 24 hours and 23.8% over seven days, as its ETF news flow turns positive. The advance has also pushed Bitcoin's market capitalization above $1.55 trillion.

The move comes after BTC broke through $75,000 during Friday's Asian session and later pushed toward $78,000 as buyers continued to chase the breakout. It is a markedly different market from earlier this month, when Bitcoin was struggling around $64,000. Momentum has flipped quickly, and the latest ETF data gives bulls and market watchers another reason to stay engaged.

Bitcoin ETF Flips Back to Positive Flows

The 12 US spot Bitcoin ETFs recorded $600 million in net inflows on August 20, according to data from Coinglass. That was a bigger inflow than the previous sessions, extending the recent run of positive flows. Because spot ETFs hold Bitcoin to back their shares, their daily creation and redemption figures have become one of the most closely tracked gauges of institutional demand since the products won approval and began trading in the US in January 2024.

The August 20 figure followed inflows of $297.5 million on August 17, $186.4 million on August 18, and $517 million on August 19, putting the three-day inflow total through August 19 at more than $1 billion.

The latest session was led by IBIT, BlackRock's fund and the largest of the group by assets, which recorded over $500 million in inflows, while the broader ETF group remained positive despite much smaller daily figures. The turnaround is significant for a market that had just gone through a short period of ETF weakness: the funds posted outflows on August 12, 13, and 14 before buyers returned the following week.

Bitcoin is now trading at levels not seen since earlier in the year. CoinGecko shows BTC up 24% over the past seven days, with daily trading volume around $66.9 billion.

Treasury Move Adds Fuel to the Bitcoin Rally

The biggest catalyst appears to have come from the US Treasury, where Treasury Secretary Scott Bessent announced plans to double long-term bond buybacks. Under such buyback operations, the Treasury repurchases outstanding bonds from the market as part of its regular debt-management toolkit. The move initially pushed longer-dated Treasury yields lower and weakened the dollar, which helped Bitcoin and gold catch a bid.

Reuters reported that Bitcoin climbed above $70,000 after the Treasury announcement, while crypto-related stocks also rallied. The response underscores how sharply crypto now trades off macro policy headlines, a linkage market watchers have highlighted as institutional participation in the asset class has deepened.

There is also a positioning story behind the move. Short liquidations accelerated as Bitcoin ripped higher, and forced buying can make an already strong rally move much faster, especially when the price breaks a level that had capped buyers for weeks.

BREAKING: Bitcoin extends gains to rise above $70,000 for the first time since June 2nd and levered short liquidations hit $2.7 billion in 24 hours. pic.twitter.com/vs7NjXPsw1

— The Kobeissi Letter (@KobeissiLetter) August 19, 2026

That leaves the market with a central question: is Bitcoin entering a genuine trend reversal, or did the market simply squeeze shorts into a thin resistance zone?

The answer will likely come from what happens next with ETF flows. A reported August 20 inflow of just $38.6 million suggests bulls still need to prove that institutional buying can remain consistent after the initial breakout. The dollar and long-dated Treasury yields that helped spark the move are the other side of that checklist.

For now, the price chart is doing most of the talking. Bitcoin has climbed more than 23% in seven days and is sitting near $78,000. If BTC can hold above $75,000 while ETF flows remain positive, the next psychological level in focus is $80,000.

Source: 99Bitcoins