Bessent's Buyback: How Treasury Policy Drove Bitcoin to $70K
On August 19, 2026, Treasury Secretary Scott Bessent announced that the Treasury would double the maximum size of its long-dated bond-buyback operations from $2 billion to at least $4 billion per transaction. Within hours, Bitcoin broke above $70,000 for the first time since June. By the end of the month, U.S. spot Bitcoin ETFs had recorded $2.72 billion in net inflows — the strongest month of 2026, in a year that had been defined by outflows. ...